Islamic Banking and Prudential Supervision in Italy

Donato, Luigi; Freni, Maria Alessandra

doi:10.4337/9781849803410.00024

Cited by 3 publications

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“…Thanks to the choice of the 1993 ILB in favour of a general process of de-specialisation, banks may be allowed to carry out not only banking business but also other financial activities that have not been reserved to financial intermediaries others than banks by law. This means, among other things, that in the process of examining any banking licence applications, the Bank of Italy ascertains also whether the applicant intends to set up an organisation suited to providing banking services, even though it will de facto provide mainly, or even exclusively, other financial services[24] (Donato and Freni, 2010). Indeed, it is worthy of attention that the competent authorities are entitled to withdraw the authorisation when the institution does not make use if the authorisation within twelve months (article 17, 2006/48/EC directive): the authorisation covers not only the provision of the banking business but also the provision of one or more passported activities.…”

Section: The Authorisation Processmentioning

confidence: 99%

Investigating Islamic banking in Italy

Gimigliano

2016

IMEFM

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Purpose The purpose of this paper is to contribute to the existing body of work in the area of Islamic banking by investigating the regulatory accommodation process of Islamic banking in Italy. Design/methodology/approach The method used is essentially based upon an analysis of laws, regulations and jurisprudence/legal doctrine. Findings In Italy, where Muslim represent, from a religious point of view, the second largest immigrant community, no Shari’a-compliant institution has been authorised yet, but no legal obstacle is laid down. Research limitations/implications The paper examines the accommodation process of Shari’a-compliant banking within the Italian system of banking and business law. Therefore, the paper is mainly based on the Italian jurisprudence/legal doctrine. Moreover, no comprehensive analysis of Islamic banking principles is provided. Practical implications The paper, investigating the accommodation process of Islamic banking in the Italian banking system, shows any legal and regulatory obstacles refraining Muslims living in Italy from living according to Islam and complying with the general regulation of undertakings. Originality/value Examination of the topic is originally undertaken because the investigation of Islamic banking in the Italian legal framework matches the business-based approach with the cultural-based approach as complementary analyses.

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Section: The Authorisation Processmentioning

confidence: 99%

Investigating Islamic banking in Italy

Gimigliano

2016

IMEFM

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“…We start from the demand side as the market, that is people's initiatives or demand, selects the financial institutions and the products and services needed for firms and families (Donato and Freni, 2010). With regard to Islamic banking in Italy, demand inertia dominates.…”

Section: -Potential For Ifs In Italymentioning

confidence: 99%

Developing the Islamic Financial Services sector in Italy: An institutional theory perspective

Petracci

Rammal

2014

J Financ Serv Mark

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The growth of the Islamic financial services (IFS) sector has received much attention recently due to the resilience demonstrated by the sector during the financial crisis. While IFS continue to grow rapidly in much of Asia, there has been limited institutional support for the development of the sector in Europe, which has historically been slow to realize the sector's potential. Italy is one such country in Europe that has a growing Muslim population but has yet to develop the IFS sector. Using the institutional theory perspective, we highlight the role the Italian government can play in developing the regulative elements that facilitate the establishment of the IFS sector, and the introduction of Islamic financial products in the country. We propose that a developed IFS sector in Italy would help attract investment from countries in the Middle East and North Africa region, and would also facilitate the financial inclusion of the Muslim population in the domestic market.

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“… Abbagnano, N. (1971).Dizionario di Filosofia. Torino: Utet, 203 -207.5 AsDonato and Freni (2010) wrote: "The concrete notion of 'bank' on which supervisory activity rests thus refers to a universal intermediary free to choose its particular entrepreneurial vocation. There is no banking supervisory rule setting a minimum amount of deposit-taking or lending in order to be a 'bank'.…”

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“…In any case, any such threshold limits would require prior classification of all transactions on the asset and liability side in order to define them as 'banking' or not, the sort of archaic regulatory approach that has long since been abandoned". See:Donato, L., Freni, M.A. (2010).…”

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“…In the sixties of the last century, some distinguished authors argued for the crucial role of "clausole generali" because they allowed the Italian legal system to develop according to its own social values in a pluralistic approach. 47 It would make it possible to comply with the principles of unity and certainty-pivotal principles in the Italian legal system -.48 Donato, L., Freni, M.A. (2010) 189.…”

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Regulatory and Legislative Landscape for Islamic Financial Institutions: the Case of Italy

Gimigliano¹

2014

JIBF

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The paper examines the regulatory accommodation process of Shari'a-compliant financial institutions within the Italian legal framework.The paper is divided into four sections. The first two sections adopt a business-based approach drawinga comparison between the Islamic and the Italian banking models in terms of institutional and functional requirements. The third section suggests that Shari'a rules and, as a result, Shari'a-compliant financial operations, represent a cultural phenomenon, where "cultural" means that Islamic finance is a set of ways of thinking and behaving which every Muslim endorses step by steps thanks to the educational process.In the conclusions it is argued that the Italian legal system poses no formal hurdles to the accommodation of Islamic financial entities.

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Islamic Banking and Prudential Supervision in Italy

Cited by 3 publications

References 0 publications

Investigating Islamic banking in Italy

Investigating Islamic banking in Italy

Developing the Islamic Financial Services sector in Italy: An institutional theory perspective

Regulatory and Legislative Landscape for Islamic Financial Institutions: the Case of Italy

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