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27/02/2019
Islamic Finance news
Banking & Finance Law
Why the Italian government should consider a (perpetual) Sukuk issuance
According to ISTAT (the National Statistic Institution)’s recent press release, in the fourth quarter of 2018, Italian GDP decreased by 0.2% with respect to the previous quarter. It was the second quarterly contraction in a row. The carry-over annual GDP growth for 2019 is equal to 0.2%...
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09/01/2019
Islamic Finance news
Banking & Finance Law
The prohibition of Riba under Italian law
As known the prohibition of Riba is central to Islamic finance. All transactions and contracts must be free from elements of Riba. The word Riba literally means increase. However, in debt transactions the word ‘interest’ is generally understood as Riba. Interest is the excess amount which a c...
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28/11/2018
Islamic Finance news
Banking & Finance Law
Participative Financial instruments: An Italian approach to Sukuk? (Part III)
As mentioned in the previous articles in this series, the terms and conditions of the issuance of participative financial instruments (PFIs), ie financial instruments which exclude a right of reimbursement of the holders, must be set out by the company’s bylaws along with the rights tha...
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31/10/2018
Islamic Finance news
Banking & Finance Law
Participative Financial instruments: an Italian approach to Sukuk? (Part II)
As mentioned in the first of this series of articles, the so-called participative financial instruments (PFIs) (strumenti finanziari partecipativi) have been introduced by the company law reform in 2004 and are provided under Article 2346, paragraph 6, and Article 2411, paragraph...
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19/09/2018
Banking & Finance Law
Participative financial instruments: an Italian approach to Sukuk? Introduction (Part I)
In 2017, a law proposal on the taxation of Islamic financial transactions was presented to the Italian parliament, but it was not approved as the legislation came to an end and a new parliament was elected after general elections at the beginning of March. The proposal also dealt with Suku...
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