03 December 2008
Paris: The second edition of the French Islamic Finance Forum that took place in Paris on November 26th, welcomed some of the foremost sharia scholars in the world, highlighting the necessity to set up a genuine French-speaking sharia committee to advise on sharia-compliant operations in this region.



ACERFI, a non for-profit organisation, was thus officially launched during this event as the first French-speaking « Shariah Comittee for Islamic Finance » and has been announced by Sheikh Louqman Ingar, a sharia scholar that has already advised in the first experiment on the French overseas territory that occurred in June 2008 in La Réunion Island. The role of this France based sharia scholars was crucial in the compliance of the first financial Islamic product, also known as “Liquidity Sharia”, designed by Société Générale and distributed by their local brand network agency BFC.


The world-renown Sheikh Nizam Yaqubi, already member of sharia boards of major French banks, recognised during this event the importance of this initiative and having now French Scholars who joined forces to promote the industry and service the needs of the market .


The ACERFI committee will gather sharia scholars with qualification both in Islamic law and in economics. This advisory board will be facilitated by Sheikh Zakaria Seddiki, who is graduated from the Al-Azhar University.


© Press Release 2008 




One Response to France embraces Shariah Compliant Finance

  1. whuptdue says:

    AIG Offers Sharia Compliant Homeowners Insurance in the U.S. via insurancejournal.com

    Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, is introducing what it says is a first in the U.S.: a homeowners insurance product that is compliant with key Islamic finance tenets and based on the concept of mutual insurance.

    The Takaful Homeowners Policy is underwritten through RSC member company A.I. Risk Specialists Insurance, Inc., in conjunction with Lexington Insurance Co. and in association with AIG Takaful Enaya. Headquartered in Bahrain, AIG Takaful Enaya was established in 2006 to provide Takaful products, including accident and health, auto, energy, property and casualty products.

    The Takaful home policy is the first installment in Lexington Takaful Solutions, a series of Shari’ah-compliant (Takaful) product offerings in the U.S.

    According to Ernst & Young’s 2008 World Takaful Report, Takaful was estimated to be a $5.7 billion market globally with over 130 providers in 2006. The Takaful market is estimated to be in excess of $10 billion by 2010.

    Takaful is similar to mutual insurance and cooperative risk sharing but there are key differences including a clear segregation of funds owned by participants and those owned by the insurance operations entity. Investments of funds are also restricted to avoid companies involved in entertainment, alcohol, pork and other elements prohibited by Islamic law.

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