‘Unprecedented crisis’, ‘loss of values’, ‘confidence loss’, ‘excesses’, ‘abusive behaviours’; the words describing the current and atypical crisis are endless. As the leads for a way out of this crisis all involve a rewriting of capitalism, Islamic Finance imposes itself as one of them.

Acclaimed by Joseph E. Stiglitz and Jacques Attali, Islamic Finance is perceived by bankers, economy regulators and investors as a growth engine.

First created in the 70’s in the Persian Gulf and Asia, Islamic Finance respects Qur’an law: the Sharia. It is based on clear and precise principles:

• it prohibits in money lending
• it prohibits investment in the weapon, alcohol, gambling, pornography and porcine industries

Representing 700 billion dollars in 2009 with a continued annual growth of 10% to 15%, Islamic Finance constitutes a great financial opportunity.

French authorities have understood what is at stake and the financial players’ readiness has allowed the first legal and fiscal texts to be drafted.

The actual integration of Islamic Finance depends on the establishment of efficient tools that will make Paris a substantial Islamic Finance centre within five years. The speakers at this conference will discuss the ways France can outdistance the City and its skilled financiers.

Symbolically, this conference is the first meeting organized on Islamic Finance in the French Ministry of Economy, Industry and Employment.

French authorities have understood what is at stake in this emerging finance: representing 700 billion dollars in 2009, its cash flow constitutes a great financial opportunity. The financial players’ readiness has allowed the first legal and fiscal texts to be drafted.

Political action is expected. The conference on Tuesday, November 3rd 2009, organized for the first time under the patronage of Christine Lagarde inside the Ministry of Economy, Industry and Employment is a crucial step in developing Islamic Finance in France.

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