Wragge Lawrence Graham & Co

UK 200 2013 position: 25

French law techniques serving Islamic finance

By Danhoé Reddy-Girard

Islamic finance enables investors to develop and finance projects without infringing these prohibitions. There are various sharia-compliant techniques available to investors that can be implemented under French contract and corporate law, which we outline below. We also discuss how these techniques fare against French banking monopoly rules.

French contract law can be used to implement a ‘murahaba’ transaction, a sale that transfers ownership of an asset immediately but with deferred payment.

Both the classic and the ‘tawarruq’ types of ‘murahaba’ can be implemented in France, each being covered by a tax instruction purporting to make it as tax neutral as possible…

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