The Islamic finance sector has vigorously withstood the current financial crisis reporting continued high growth. In fact, Islamic banks are less impacted by the risks that subprime mortgages have exposed "conventional" banks to. Profiting from a steady inflow of petrodollars and the repatriation of capital after 9-11, the Gulf region is now sitting over a large concentration of liquidity. This makes it covetable and raises questions as to France's options to attract this capital to Paris' financial market. There have been unrelenting questions recently as to France's stance on Islamic finance given the difficulties confronting many finance companies as well as liquidity problems between various banks. This article analyzes the breakthroughs, challenges and opportunities offered by this sector in France. While the national debate on its development is still in its infancy, some French banks are already deeply involved in it. This paper is an attempt to analyze the lines of business and the expertise developed by those banks outside France. It also highlights their performance which sometimes makes them leaders in some areas of Islamic finance.
Le marché des obligations islamiques a déjà prouvé son intérêt comme une source de financement viable pour les secteurs privé et public. Il connaît depuis dix ans une très forte croissance, aussi bien dans le monde musulman qu'ailleurs. Les obligations islamiques sont des instruments flexibles qui peuvent être une réelle alternative au financement des projets d'infrastructure du continent africain. Récemment, plusieurs pays du continent ont adopté ce type d'instruments et d'autres ont annoncé leur volonté d'en émettre. Cependant, plusieurs défis restent à surmonter pour que l'émission de Sukuk en Afrique subsaharienne devienne une alternative viable. Cet article présente les progrès réalisés en termes d'émissions de Sukuk . Il présente également les avantages d'un tel instrument pour le financement des projets d'infrastructure et les défis, juridiques et techniques, qui restent à surmonter en Afrique. Classification JEL : G23, G28, O16, 055.
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