Islamic Finance in Italy

The Bank of Italy opens up to Islamic Finance.

Islamic Finance in Italy









The fourth Forum of the Islamic Financial Services Board (the non-governmental organization based in Kuala Lumpur, Malaysia, whose main aims are to promote and regulate the development of the financial services of Islamic law) has been organized in Rome with the collaboration of the Bank of Italy.

Not just a sponsorship, but a keen interest by the Central Bank of Italy and of the highest authorities of the Italian economy, about the Islamic Finance, for too long slighted and neglected by Italian economic operators, because of prejudices and false knowledge on the subject. 

Ignazio Visco, the Governor of the Bank of Italy, talked about the great development of Islamic finance, that's the finance model based on compliance with Islamic law (Shari'a).

According to data provided by the Governor of the Bank of Italy, about 1,900 billions of dollars are invested by the banks and investment funds of Islamic law. An opportunity that the Italian market can not ignore, if it wants go out of the crisis.

By Mr. Luca Santaniello
Lawyer at Santaniello & Partners

Please see also:

Fundamentals of Islamic finance

Mudarabah: the most popular contract used by Arab banks to finance companies

Partnership between two or more companies: Musharakah contract

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