Islamic finance in Europe (77)

Continuation

In addition, the compensation paid to non-resident sukuk investors is exempt from withholding tax in France.

It regardless of whether an offering is governed by French law or the laws of another country.

In July 2010, the French government made certain amendments to its laws in order to facilitate sukuk issuances.

The amendments removed:

-      double stamp duty;

-      the payment of a capital gains tax on property;

-      and streamlined the regulations governing estate agents.

In June 2011, France witnessed the introduction of the first Islamic deposit scheme.

This new model operated via the Islamic window of an existing conventional bank.

From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)