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Islamic finance has entered the era of globalization, and is now ready to participate to ventures anywhere in the world. It has indeed undergone an image transformation in recent years and has greatly improved its attractiveness among investors internationally as it has extended its reach geographically, beyond its traditional borders. The technical and legal Islamic adaptation of the contracts and financial agreements is not an impossible task.
In fact, provided that a minimum of political will and flexibility exits, it is a non-issue. Through a relatively limited number of funds with exclusive Islamic resources exist today, it is important to keep in mind the rapid pace of the development of Islamic finance, and the large reserve of funds coming from oil rich nation that will feed those financial institutions and investors in the future.
It is true also that Muslim investors have invested in the past in conventional non Islamic finance vehicles, and will certainly continue to do so in the future. However, the fact that a project proponent fully embraces the rules of Islamic finance, and welcomes financial partners holding those tools, will make a growing difference in the near future.
The stakes for Europe and globally speaking for the Western world are huge. Beyond a simple additional source of funding, which itself is already important in today’s environment, Islamic finance will provide new trading and business opportunities, and will bring to investors and project holders a larger choice of financial solutions as well as a new philosophy that could make a difference for their projects. |
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