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BELGIUM: Belgium may be
an unfamiliar name in the Islamic finance universe, but that is likely to
change as the European nation embarks on a series of initiatives which
are bound to elevate its standing in the Shariah compliant finance
fraternity.
The country caught attention last November when Cecile Jodogne, the
secretary of state for foreign trade and investment for the
Brussels-Capital Region, during the Belgian Economic Mission in Malaysia
confirmed the growing demand for Islamic finance in Belgium, and how the
country could leverage Shariah compliant finance to attract investment
flows. It was also revealed to IFN that the Association of Belgium Muslim
Professionals had submitted a memorandum to the Ministry of Finance and
the regulator to consider enabling a regulatory environment favorable to
Islamic finance (See IFN Report Vol 11 Issue 48: ‘Belgium: Application of
Islamic finance with minimum legal change’).
Building on this keen interest from both industry players and
authorities, IFN has also been informed that the Belgium-based Louvain
School of Management (LSM) of Université Catholique de Louvain (UCL), in
association with global Islamic finance legal network ISFIN, are
launching Benelux (Belgium, the Netherlands and Luxembourg)’s first
university diploma in Islamic finance, with classes to commence this
April.
“At the heart of Europe, Belgium host[s] the most esteemed international
companies and institutional head offices. In the last decade, we have
observed many actions from Belgian authorities and institutions towards
the Gulf, the Mediterranean and Muslim markets (prince economic missions
in Qatar, Malaysia, Indonesia, the UAE). The interest for these markets
is growing in the Capital of Europe. Luxembourg and Belgium are profiling
themselves to become recognized actors in Islamic finance, funds and the
Islamic economy,” noted a joint press release by both ISFIN and UCL.
With Islam as Belgium’s largest minority religion (6% of total population
according to Pew Research Center), the Kingdom does indeed hold
significant potential not only for Islamic finance, but also the wider
Halal industry as Brussels could act as the gateway to 15-20 million
Muslims in the eurozone. Although Belgium’s Islamic finance industry is
nascent at best, the country does have redeeming advantages including:
increasing demand and concerted efforts from market players, as well as
existing legal and financial infrastructures which accommodate the
issuance of Sukuk – the most popular platform among sovereigns in
launching their Islamic finance ambitions. And with this upcoming Islamic
finance qualification, the country is tapping one of the most fundamental
components in the development of the industry – human capital. With these
developments unfolding, the global Islamic finance community cannot
ignore the very likelihood of Belgium making its mark as a serious player
in the near future.
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Of late, there has been a widening debate about
whether the development of the Islamic finance industry is in fact
evolution towards conversion with conventional finance with mostly
superficial remnants of the original ideals. Dr Andrei Juravliov, a researcher
and Islamic finance course lecturer at the Moscow State University, is
one of those who is looking into this thorny issue. In preparation of an
essay on this subject, he has teamed up with IFN to conduct a dedicated
survey. Juravliov is not expecting to receive statistically strict
results. However, he believes that the answers may help to feel the pulse
of the Islamic finance community and Muslims at large.
Once complete, IFN will publish the full essay – something we’re certain
you’ll be interested to read. Therefore, please spare a few minutes to
share your thoughts by answering this questionnaire.
Your input is most appreciated.
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