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Erschienen in:
Buchtitelbild

2017 | OriginalPaper | Buchkapitel

Islamic Bonds and Real Estate Securitizations: The Italian Perspective for Issuing a Sukuk

verfasst von : Giorgio Carlo Brugnoni, Paolo Gaspare Conforti Di Lorenzo, Raffaele Didonato, Enrico Giustiniani, Lorenzo Lentini, Massimo Mariani, Claudio Palandra, Fabrizio Petrucci, Antonio Salvi, Alessandra Tami

Erschienen in: Empirical Studies on Economics of Innovation, Public Economics and Management

Verlag: Springer International Publishing

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Abstract

The research looks at the possible advantages of which Italian companies and public entities could benefit looking at Islamic finance as a viable alternative to conventional finance, in a context characterized by a growing presence of Islamic citizens throughout Europe and Italy and by increasing interest in investing in Italy by Islamic investors. The research investigates the possibility for an Italian entity (corporate or sovereign) to issue a sukuk with a national real-estate underlying, under the current legal, fiscal and technical framework. The aim is to concretely contribute to the awareness about the opportunities that Islamic finance could bring with it and to promote fiscal, normative and regulatory obstacles removal, in order to create a level playing field—as the United Kingdom did—that would allow Islamic finance to develop also in Italy.

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Nächstes Kapitel The Role and Impact of Performance Audit in Public Governance
Fußnoten
1
Sections “Islamic Finance: Global Trends and Development in Europe” and “Islamic Finance in Italy: Possible Benefits and Main Challenges Towards Companies Internationalization and Foreign Capital Investments” are by Giorgio Carlo Brugnoni. Section “Engineering of Sukuks for Public and Private Italian Entities” is by Antonio Salvi, Fabrizio Petrucci and Paolo Gaspare Conforti di Lorenzo. Section “Islamic Real Estate Funds and Investments” is by Massimo Mariani, Lorenzo Lentini and Raffaele Didonato. Section “Islamic Italian Stock-Index: A New Methodology to Build an Italian Listed Company Sharia-Compliant Portfolio” is by Claudio Palandra. Section “Financing Italian SMEs: May Be Sukuks Considered as a Viable Alternative?” is by Alessandra Tami. Section “Italian Tax System and Sukuks: Fiscal Challenges Towards a More Level Playing Filed” is by Enrico Giustiniani.
 
2
Al Rayan Bank, Bank of London and Middle East, European Islamic Investment Bank, Gatehouse Bank, Qatar Islamic Bank UK, Abu Dhabi Islamic Bank UK (KFH Research Limited 2014).
 
3
Ahli United Bank, ABC International Bank, Barclays, BNP Paribas, Bristol & West, Citibank, Deutsche Bank, United National Bank, Europe Arab Bank, HSBC Amanah, Lloyds Bank, Royal Bank of Scotland, Standard Chartered (KFH Research Limited 2014).
 
Literatur
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D’Aurizio, L., & Cristadoro, R. (2015). Le caratteristiche principali dell’internazionalizzazione delle imprese italiane [The Italian firms’ international activity] (Occasional Papers, 261/March 2015). Bank of Italy.
Di Mauro, F., Caristi, P., Couderc, S., Di Maria, A., Ho, L., Kaur Grewal, B., Masciantonio, S., Ongena, S., & Zaher, S. (2013). Islamic finance in Europe (Occasional Paper Series, 146/June 2013). European Central Bank.
Gomel, G., Cicogna, A., De Falco, D., Della Penna, M. V., Di Bona De Sarzana, L., Di Maria, A., Di Natale, P., Freni, A., Masciantonio, S., Oddo, G., & Vadalà, E. (2010). Finanza islamica e sistemi finanziari convenzionali. Tendenze di mercato, profili di supervisione e implicazioniper le attività di banca centrale [Islamic finance and conventional financial systems] (Occasional Papers, 73/October 2010). Bank of Italy.
Italian Revenue Agency. (2013, March 6). Circular 4/E. Italy.
Kammer, A., Norat, M., Pinon, M., Prasad, A., Towe, C., Zeidane, Z., & IMF Staff Team. (2015). Islamic finance: opportunities, challenges and policy options (Staff Discussion Note, 15/05, April). International Monetary Fund.
KFH Research Limited. (2014). Global Islamic Finance: Propositions to Europe. Kuala Lumpur: KFH Research Limited.
McMillen, M. J. T. 2000. Islamic Shariah-compliant project finance: Collateral security and financing structure case studies. Fordham International Law Journal, 24(2), Article 6, 1184–1263.
McMillen, M. J. T. (2008). Asset securitization sukuk and Islamic capital markets: structural issues in these formative years. Wisconsin International Law Journal, 25(4), 703–772.
Meiani, A., Rizzi, L., & Sabatini, D. (2015). Guida ai mini bond [Guideto minibonds]. Milan: Bancaria Editrice.
Reviglio, E., Del Bufalo, G., Ciferri, D., & Palazzo, A. 2013. Capitale per lo sviluppo. Strumenti finanziari europei a sostegno delle imprese e degli investimenti [Capital for growth. European financial instruments to support firms and investments] (Monografic Report, 2/2013). Cassa Depositi e Prestiti.
Shawamreh, C. (2012). Islamic legal theory and the context of Islamist movements. Notre Dame Journal of International and Comparative Law, 2(2), 197–223.
Thomson Reuters. (2014). Sukuk Perceptions & Forecast 2015. Beyond traditional markets. Thomson Reuters.
Metadaten
Titel
Islamic Bonds and Real Estate Securitizations: The Italian Perspective for Issuing a Sukuk
verfasst von
Giorgio Carlo Brugnoni
Paolo Gaspare Conforti Di Lorenzo
Raffaele Didonato
Enrico Giustiniani
Lorenzo Lentini
Massimo Mariani
Claudio Palandra
Fabrizio Petrucci
Antonio Salvi
Alessandra Tami
Copyright-Jahr
2017
Buch
Empirical Studies on Economics of Innovation, Public Economics and Management

Print ISBN: 978-3-319-50163-5

Electronic ISBN: 978-3-319-50164-2

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-50164-2_1