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Dec 03 2008

ACERFI, the first French-speaking 'Shariah Comittee for Islamic Finance'

Paris: The second edition of the French Islamic Finance Forum that took place in Paris on November 26th, welcomed some of the foremost sharia scholars in the world, highlighting the necessity to set up a genuine French-speaking sharia committee to advise on sharia-compliant operations in this region.

ACERFI, a non for-profit organisation, was thus officially launched during this event as the first French-speaking « Shariah Comittee for Islamic Finance » and has been announced by Sheikh Louqman Ingar, a sharia scholar that has already advised in the first experiment on the French overseas territory that occurred in June 2008 in La Réunion Island. The role of this France based sharia scholars was crucial in the compliance of the first financial Islamic product, also known as "Liquidity Sharia", designed by Société Générale and distributed by their local brand network agency BFC.

The world-renown Sheikh Nizam Yaqubi, already member of sharia boards of major French banks, recognised during this event the importance of this initiative and having now French Scholars who joined forces to promote the industry and service the needs of the market .

The ACERFI committee will gather sharia scholars with qualification both in Islamic law and in economics. This advisory board will be facilitated by Sheikh Zakaria Seddiki, who is graduated from the Al-Azhar University.

-Ends-

© Press Release 2008

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