L’une des causes de la richesse des nations, la coopération, repose sur un échange de promesses. Si le droit des contrats est considéré comme un outil efficace - bien qu’imparfait - pour garantir ces dernières, il n’est cependant pas le seul : un tissu entier d’institutions formelles et informelles est à l’œuvre pour faciliter la coopération entre les agents économiques. Ce travail examine cette problématique dans le cadre de la finance islamique, considérée comme l’application moderne du droit des contrats islamiques. Alors qu’elle est censée utiliser des instruments de financement participatifs, la pratique de la finance islamique est dominée par le financement par la dette. Les causes généralement avancées pour expliquer cet état de fait sont des problèmes informationnels, considérés comme des vecteurs d’influence sur le comportement des banques. Cette thèse montre que ces problèmes informationnels ne sont en réalité que la conséquence d’un problème sous-jacent. Par une analyse du rôle et de la raison d’être des institutions, ce travail montre que le droit des contrats islamiques a été conçu à l’origine avec un objectif clair: assurer l’équilibre des transactions et garantir la propriété. Le respect des promesses était pour sa part assuré par d’autres types de mécanismes, notamment à travers la réputation, complétant dans les faits le droit des contrats. Cette conclusion permet d’appréhender le débat « forme vs substance » dans la finance islamique à travers l’échec d'un « transplant institutionnel intertemporel », pour montrer que les contrats évités sont dépendants du contexte dans lequel ils ont vu le jour et s’adaptent mal au contexte moderne. / One of the main causes of the wealth of nations, cooperation, is based on exchanged promises. Contract law is viewed as an efficient, though imperfect, tool to ensure promise keeping. However, contract law is not the only mechanism playing that role. A whole body of formal and informal institutions is at work easing economic agents cooperation.This work considers this issue in the Islamic finance framework which is seen as a modern application of Islamic contracts law. Islamic finance is a fruitful object of study as it is facing a paradoxe. While this finance is supposed to rely on participatory financing tools, its practice is dominated by debt based financings. Informational problems are usually identified as a cause of such practices.This work shows that information problems are not a cause but a consequence of a deeper problem. Through an analysis of the role and the raison d’être of institutions, this work puts the development of Islamic contracts law into the perspective of an economic and social context. It shows that Islamic contracts law had originally been developed with a clear goal: ensure transactions equilibrium and protect property. The respect of promises, for its part, was made possible by other mechanisms, such as reputation, supplementing contract law. This conclusion allows us to view the debate “form vs. substance” in Islamic finance as an “intertemporal institutional transplantation” failure and to show that the avoided contracts are dependent of their original context and adapt poorly to the modern one.

The non-interest and profit-loss sharing schemes of Islamic finance (IF) are attracting increasing global attention. Despite exposure to the similar opportunities as other Western countries that have adopted the financial business model there is little evidence of Islamic finance windows operating in the conventional institutions in Canada. This thesis takes a qualitative approach to bring the issue forward in Canadian social science literature by exploring the perceived challenges to, and the potential of, the development of IF offerings with a focus on factors affecting the supply and management decisions in the industry. The study used an inductive approach with archival data and critical survey of literature to arrive at the hypotheses surrounding the challenges. These were tested deductively by semi-structured interviews and panel discussions both in Canada and the US on a sample of senior officials involved in both IF and conventional financial institutions. Using a thematic analysis the study arrived at findings supporting the hypotheses related to awareness, regulation, management intent and internal resources. In the external environment, factors affecting strategic decision on offering IF services are mainly due to regulation, lack of awareness, even among Muslim communities, or misgivings about Sha’riah authenticity. Internally, highly customized IT infrastructures, lack of funds and foreign investment make it unfeasible. Management interest when proposed with the concept is high but not in a top-down manner and there is an overall uncertainty avoidance culture and little proactivity with market research. Access to specific Sha’riah knowledge is not considered a hurdle anymore. It is apparent that investments in Sha’riah compliant stocks would be easiest to set up. Mortgage structures can be affected by the capital market structure, even if not tax structures. Knowledge on this can have implications for banks seeking to expand their investment portfolios and aid government policies.

This thesis aims to examine the intellectual property regimes in the Gulf Co-operation Council (GCC) states and assess the relationships between legislation, enforcement mechanisms and sharia law. The GCC states, currently Bahrain, Oman, Kuwait, Saudi Arabia, UAE and Qatar, all have varied mechanisms in place for both the implementation and enforcement of intellectual property rights. The thesis pays close attention to the evolution of intellectual property laws and regulations in the GCC states with particular interest directed towards the development of national intellectual property laws within the GCC states from the 1970’s onwards1. Intellectual property protection in the GCC states is considered from two perspectives. The first perspective addresses the international demand for higher standards of intellectual property protection in the GCC states. The second perspective defines intellectual property within the laws of Islam and explores the relationship between Islam and intellectual property. The latter part analyses religious influence, societal and cultural norms, economic reality and the developmental stage of each GCC state. It is an important area of study as developing Muslim countries are struggling with meeting international standards and a successful integrated framework will impact not only on GCC states but other Islamic states and as a result could potentially lead to more informed negotiation in trade agreements with developed states. The research argues there are systematic flaws in the GCC states adopting intellectual property laws which are in essence a procrustean modification of foreign laws which have developed from colonial occupation or laws taken from donor countries. The GCC legal systems of the states have evolved utilising different sets of legal principles and therefore it could be argued the foreign laws that have been adopted are somewhat unsuitable for the GCC states. The research has focused on the implications of the national and international legislative regimes on the protection of intellectual property rights on the GCC states. Consideration is given to compliance, mainly how compliant the GCC is to its World Trade Organisation (WTO) membership and Trade Related Intellectual Property Rights (TRIP’s) Agreement and to what extent the European Union (EU) and the United States (US) influence the intellectual property protection regimes in the GCC. The research has examined the development of the GCC in three distinct stages; pre-TRIPS, TRIPS compliance stage and TRIPS plus. Furthermore, the thesis argues that the somewhat simplistic formula of the GCC states passing a large number of intellectual property laws to appease the EU and US does not have the significant economic impact on the GCC economy as the international agreements would suggest. Not all trade is intellectual property related and not all foreign direct investment is contingent upon intellectual property protection. However, as the GCC states are largely oil dependent, they do need to diversify their trade and as such an intellectual property protection model that accounts for international intellectual property law and the bespoke cultural and religious views amongst GCC citizens can produce tangible results for both the GCC and its trading partners. What sets the research apart from previous research is two-fold. Firstly, the research is qualitative and has scratched beneath the surface of intellectual property law in the GCC and examined in detail the Islamic law principles that have been used to justify sharia compliance, the western perspective on international intellectual property and the impact of multilateral trade agreements. Secondly, the analysis of Islamic finance and the application of successful sharia compliant models in Islamic finance to intellectual property is innovative as it acts as a springboard to creating a modified sharia compliant intellectual property protection model. Finally, the thesis will conclude by making a series of recommendations to develop an integrated approach to intellectual property rights which takes into account; the structure of the GCC states, international agreements and pressures, the international institutions, Islamic finance and both societal and religious views.

L’analyse de la taxation des produits islamiques dans le monde musulman révèle que celle-ci oscille entre contradiction et convergence. En effet, d’une part, les pays du monde musulman ont institué un système fiscal « moderne » similaire à celui des pays occidentaux. Aussi ont-ils œuvré pour assurer la neutralité fiscale des produits islamiques par rapport aux produits conventionnels qui satisfont le même objectif économique. Cependant, l’examen de la manière avec laquelle le système fiscal est appliqué révèle une dominance en la matière du droit positif sur le droit islamique dans lesdits pays. D’autre part, les divergences des écoles de pensées islamiques dans leur définition de certains produits peuvent créer des opportunités d’arbitrage fiscal pouvant impacter les recettes des pays. Des initiatives et des actions sont entreprises, par les pays musulmans et organisations internationales, pour renouer avec le droit islamique. Toutefois, ces initiatives et actions restent limitées. De surcroît, l’intégration de la taxation des produits islamiques dans la nouvelle tendance internationale de lutte contre l’évasion fiscale et le transfert de bénéfices (BEPS) semble être, à moyen terme, la tendance en matière fiscale dans les pays musulmans. Cependant, une réflexion profonde sur l’apport des principes du droit islamique au droit fiscal mérite d’être conduite, notamment, du fait que les principaux enjeux de la fiscalité moderne représentent la pierre angulaire de la finance islamique. / The analysis of the taxation of Islamic products in the Muslim world reveals that it oscillates between contradiction and convergence. In fact, on one hand, countries of the Muslim world have adopted a "modern" tax system similar to the one applied by the Western countries. Thus, they have worked to ensure a tax neutrality of Islamic products compared to the conventional products that fulfill the same economic objective. However, a deeper examination of the manner in which the tax system ensures the tax neutrality in Muslim countries reveals a dominance of the positive Law over the Islamic Law. On the other hand, divergences of Islamic schools of thought regarding the definition of some products can create opportunities of tax arbitrage that may impact the tax revenues of countries. Initiatives and actions are being undertaken by Muslim countries and international organizations to revive the Islamic Law. However, these initiatives and actions remain limited. Moreover, the integration of taxation of Islamic products into the new international trend against base erosion and profit shifting (BEPS) appears to be, in the medium term, the tendency in taxation in Muslim countries. However, a profound reflection on the contribution of the principles of Islamic Law to tax Law deserves to be conducted, in particular, because the main issues facing the modern tax system represent the cornerstone of Islamic finance.

Thesis (MBA)--Stellenbosch University, 2011. / The Islamic Banking industry has been one of the fastest growing industries worldwide with a compound annual growth rate of 28% between 2006 and 2009(Reuters, 2010). These growth rates were experienced amidst the worst economic meltdown the world has seen in decades. This is a clear indication that there is a high level of confidence in the industry. Although the industry has existed for centuries, the past few decades have brought about a revival in Islamic banking. Many Western countries are recognising the industry’s importance and have taken various steps in supporting the establishment of it. South Africa has also taken such steps and has a vision of becoming a hub for Islamic banking on the African continent. This mini thesis examines the differences in nature of the underlying principles of Islamic and conventional banking which then brings to the fore the various challenges that exist in the unhindered functioning of Islamic banks within Western countries. These challenges revolve around institutional and legal frameworks, regulatory and supervisory bodies, South African Reserve Bank requirements, interest, taxation and conceptual understandings. In order to provide recommendations to address these challenges, case studies of Islamic banking in both, Islamic and Western countries were conducted. These case studies provided insight into how countries have addressed similar challenges and to what degree were they successful. This provided the basis from which recommendations were made for Islamic banking to function efficiently and effectively in South Africa and for the country to achieve its goal of becoming a hub of Islamic banking on the African continent.

Charles University in Prague Faculty of Law Abstract of the dissertation The title of the dissertation: Sharia Law, particularly Islamic banking, in relations with international elements Author: JUDr. Ivana Hrdličková Supervisor: Prof. JUDr. Monika Pauknerová, CSc., DSc. Prague, February 2012 Key words: Islamic finance, sharia, mudaraba, musharaka, murabaha, ijara, sharia compliant, international law, choice of law, contract, riba, gharar, maisir. The dissertation, Sharia law, particularly Islamic Banking in the relations with international elements, considers an actual topic and branch of islamic law. Neither islam nor islamic law is a legal system applicable at any particular territory. However, legislation of the countries with majority of muslim population, is based, more or less, on islamic law. Whereas due to migration and globalization, islamic law unavoidably interferes in international law. The legal regulation of international private law under the terms stipulated by the law leads to the use of foreign law. One can thus meet the legislation based on islamic law, including in the field of contract law. In commercial contracts, where the one side is from countries where islamic law is a source of legislation, may be the choice of law (in accordance with article 3 of Rome I), which form's the basis...

Devenue en l'espace d'une trentaine d'années un segment à part entière de la finance internationale, la finance islamique trouve désormais tout son sens dans l'économie contemporaine. La crise de 2008 et ses conséquences dramatiques sur le tissu économique et entrepreneurial ont donné un attrait aux financements islamiques et notamment aux opérations de capital risque. Apparu au début des années 2000, le capital risque islamique consiste à prendre des participations au capital de sociétés non cotées considérées comme conformes à l'éthique musulmane afin de financer leur création et leur démarrage. Dans cette opération, il existe un lien incontestable entre l'éthique religieuse et la notion d’investissement. Si les prescriptions du droit musulman garantissent un équilibre entre les partenaires financiers, elles soumettent néanmoins l’investisseur à certaines contraintes. La structuration d'une opération financière islamique commande en effet le respect de certains principes d'essence religieuse tels que la prohibition de la spéculation, l'aléa et toute forme de rémunération par l'intérêt. Se pose alors la question de l'acculturation de ce modèle dans la finance française. En ce sens, l'hypothèse principale de cette recherche vise à analyser l'adaptabilité du capital risque islamique en vue de sa structuration dans le cadre juridique français. A travers une analyse approfondie des exigences de la loi islamique et du cadre de la gestion collective en France, la présente étude met en perspective les structures juridiques permettant d'atteindre la flexibilité requise pour mettre en œuvre une opération de capital risque islamique en droit français. Outre les enjeux économiques qui sont attachés à la réception d'une activité à haute valeur ajoutée, la modélisation d'un « capital risque islamique à la française » pourrait renforcer l'attractivité de la place de Paris en permettant l'inclusion d'une catégorie d'entrepreneurs et d'investisseurs à la recherche d'une alternative plus éthique et solidaire pour le financement d'entreprise. / In the space of 30 years, Islamic finance has become a full segment of international finance and has proved its value in the contemporary economy. The 2008 crisis and its dramatic consequences on the economic and business fabric raised attractiveness of Islamic finance transactions, in particular venture capital. The latter was created in the early 2000’s and consists in taking equity participations in unlisted companies that are considered compliant with Islamic ethics to finance their creation and startup. Thus, religious ethics and investment are indisputably linked. If the Islamic law requires ensuring a balance between financial partners, the investor is nevertheless subject to certain constraints. Indeed, the legal structuring of Islamic financial transactions obliges compliance with certain religious principles such as prohibition of speculation, hazard and any form of remuneration by interest. This raises the question of the acculturation of this model within the French finance. To this end, the main hypothesis of this research aims to analyze the adaptability of Islamic venture capital in view of its implementation in the French legal framework. Through in-depth analysis of the requirements of Islamic law and the framework of collective management in France, this study puts into perspective the legal structures that could provide the flexibility required to implement an Islamic venture capital transaction into French law. In addition to the economic benefits attached to the receipt of an activity with high added value, modeling a "French Islamic venture capital" could increase the attractiveness of the financial place of Paris by allowing the inclusion of a class of entrepreneurs and investors looking for ethical and cooperative alternatives for corporate finance.

La position actuellement dominante parmi juristes et théoriciens de la Finance Islamique penchant vers l’interdiction des produits dérivés dans les Institutions Financières Islamiques, la recherche d’une alternative à ces produits, en particulier pour la gestion des risques de marché, constitue l’un des axes de recherche fondamentaux concernant l’avenir de cette école de pensée et de ce type d’institutions. Ainsi, ce travail de thèse s’intéresse d’abord à l’inférence des significations financières contemporaines possibles du concept islamique dit de « Gharar interdit » (litt. « risque interdit ») en l’opposant notamment à la prise de risque permise, puis, à partir des résultats correspondants, à l’exploration et proposition d’instruments alternatifs aux dérivés. Sur le premier aspect, cette recherche est partie du patrimoine du Fiqh (« jurisprudence ») islamique, et a mobilisé des outils qualitatifs et numériques d’analyse, tout en s’inspirant de la méthode de l’idéaltype de Max Weber. Sur le second, elle a mis en oeuvre une enquête combinant littérature et terrain, avant de faire passer les instruments obtenus par un filtre construit à partir des résultats du premier aspect. Ce travail a principalement permis de jeter une lumière nouvelle sur les théories de la prise de risque et du Gharar en Islam, de repérer et de discuter les zones d’ombre à l’origine des débats contemporains, de dresser un état des lieux de la recherche d’alternatives, d’identifier et de comprendre un phénomène nommé trappe à réplication, et surtout, de proposer une voie générale de sortie, utilisant la théorie islamique du besoin et de l’intérêt général, l’idée de partage du risque et celle d’alternative. / The currently prevailing position among Islamic Finance’s jurists and theorists being to prohibit derivative products in Islamic Financial Institutions, the search for an “Islamic” alternative to these products, in particular for market risks’ management, constitutes one of the fundamental axes of research concerning the future of this school and type of institutions. Thus, this doctoral work deals with the inference of the possible contemporary meanings of the Islamic concept called “prohibited Gharar” (litt. “prohibited risk”) while opposing it to the permissible risk-taking, then, based on the corresponding findings, it deals with the exploration and proposal of alternative instruments to derivatives. On the first aspect, this research used texts of Islamic Fiqh (“jurisprudence”), and mobilised qualitative and numerical tools of analysis, while drawing on Max Weber’s method of the idealtype. On the second, it implemented a survey combining literature and field study, before passing the obtained instruments through a filter constructed from the results of the first aspect. This work has mainly contributed to shed a new light on the theories of risk-taking and Gharar in Islam, to identify and discuss the shadow areas behind contemporary debates, to draw up an inventory of research on alternatives, to identify and understand a phenomenon called replication trap, and especially, to propose a general way out, using the Islamic theory of need and public interest, the idea of risk-sharing and that of alternative.

Cette thèse consiste à montrer que les valeurs dans une société donnée sont fortement protégées par la loi pénale. Il en est ainsi des valeurs bancaires - financières. Ce qui importe, c’est le fait que les valeurs peuvent se protéger elles-mêmes en se transformant en d’autres valeurs ou notions (notion - principe). Également, il est supposé que les valeurs dans un autre système soient protégées différemment. À travers cette thèse, nous avons tenté de démontrer la particularité des divers systèmes bancaires, les systèmes islamique et conventionnel. Cette recherche vise à démontrer tout simplement que les valeurs dans ces deux systèmes ne sont pas perçues de la même manière et qu’ils n’ont pas non plus les mêmes valeurs. En droit pénal bancaire ou en droit bancaire « non pénal », la protection peut être différente de celle du droit pénal classique. La particularité de ce domaine réside dans les tendances variables d’une réglementation à une pénalisation et inversement, d’une déréglementation à une dépénalisation. Ainsi à travers cette étude, nous parlerons d’éventualité d’un mouvement. Ce mouvement est observé au niveau de la protection des valeurs. La protection des valeurs et, à la suite le mouvement de protection, peuvent être réalisés à deux niveaux : une protection structurelle des valeurs et une protection opérationnelle des valeurs. Le recours au pénal dans la phase de protection dépend du système auquel est liée la valeur. Les alternatives de la protection pénale dans les deux étapes opérationnelles et structurelles existent, encore que, dans la finance moderne d’aujourd’hui, nous entendons beaucoup parler des nouvelles notions de la gouvernance d’entreprise, de la finance éthique, etc. En dernier lieu, cette thèse a l’intention de démontrer que, par l’effet de la globalisation, même si les valeurs divergent, leurs protections (y compris la protection pénale) vont dans un sens d’harmonisation ; il nous semble qu’une convergence soit en train de se construire. Mais quel est le rôle du droit pénal dans la vie moderne bancaire ? / This thesis aims to show that the values in a given society are strongly protected by the mechanisms of law (both criminal and civil law). The protected values are those basies in banking - financial system. Given the fact that there are two major banking systems: Islamic and conventional, the significance of this research is to show that, firstly, values can protect themselves by transforming into other values / concepts (notion - principe) or by becoming structure in the banking system. Secondly, it is assumed that the protection of the values in another system would be different. Also, the theory of transformation in both levels of the existence of the values and their protection is demonstrated. In criminal banking law or in "non - criminal" banking law, the protection may be different from that of classical criminal law. The particularity of this field is variable trends of regulation to penalization and vice versa: deregulation to decriminalization. Therefore, through this study, the possibility of a movement will be discussed in respect to the transformation theory framework. The trend of movement is observed in the protection of values. Protection of values and the movement of protection, could be achieved at two levels: structural protection of values and operational protection of values. The use of the criminal in the protection phase depends on the system that value is linked. Alternatives (called extra-penal mechanisms) in criminal protection in both operational and structural steps exist; however, in modern finance, new concepts of corporate governance, ethical finance, etc. are in the center of attention. Largely because, theses concepts could protect values without interference of criminal law. In Overall, this thesis intends to demonstrate that, even if the values are different, by the effect of globalization, their protections (including criminal protection) are in a way of harmonization; it seems that convergence is beginning to build. But what is the role of criminal law in the modern banking life?

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No. of bitstreams: 1 LeilaAbduni_MPGIThesis_07.05.18.pdf: 1549387 bytes, checksum: 15650c113b69d92d08f8e69bb4e47b19 (MD5) Previous issue date: 2018-04-13 / Islamic finance has been a trendy topic globally, gaining the attention of Muslims and non-Muslims. It stands for a financial system that follows the sharia (Islamic law), which is guided by ethical principles and social justice. The main prohibition usually linked to Islamic finance is of interest, but there is much more to it. It offers a portfolio of products and services which compete with the ones present in the conventional system, however these preserve the Islamic principles. Despite the global reach, Islamic finance did not set foot in Brazil or Latin America overall as it did in Europe and Asia especially. Therefore, this paper tries do unveil what’s behind this financial system and try to find ways to make it’s introduction in Brazil possible. In order to reach this, a qualitative research guided by the presentation of countries that have introduced Islamic finance, and interviews conducted with main players in Brazil linked to Islamic finance. The results of the research reflected partially the perspective of the academia, the expert, the Brazilian market and the Islamic finance industry, given that each interviewee represented one or more of these categories. This was completed with the overall conclusions drawn from the case studies presented, taking the main lessons form their experience. A coding system was developed to filter and organize the results. In terms of the opportunities Islamic finance has in Brazil, what stands out the most is the strong relation between Brazil and the Arab countries (adopters of Islamic finance), especially in exports, which represent situations in which Islamic finance could be adopted to intermediate the financing. The obstacles preventing this from happening are many, and are mainly linked to the unfamiliarity of the subject in the market and the delicate environment Brazil finds itself in, which is not favorable for new projects or investments. The Islamic finance procedures themselves are complicated and difficult, which makes the introduction process more complex. Given all that, there are many measures that can be taken already in order to incentive the introduction of Islamic finance in Brazil or even conduct some isolated Islamic finance operations. Murabahah is an example of a cost plus contract that can be used by exporters to sell their commodity abroad and sukuk is an alternative method for raising money with certificates backed by assets. These two operations can be adopted by Brazilian companies, however need to be conducted abroad due to regulatory complications. For the long term, having experts and professionals interested in Islamic finance ‘spreading the word’ and digging deeper into the subject in their workplace will open opportunities for the companies they work for and be an incentive for future adoption of Islamic finance by others. Entities also working towards the promotion of the halal (sharia-compliant) industries, which can be considered a fuel for Islamic finance, and tightening the relations between Brazil and the Arab countries, will help close the gap and familiarize both sides with the opportunities available. / As finanças islâmicas têm sido um tema recorrente a nível mundial, chamando a atenção dos muçulmanos e não-muçulmanos. Defende um sistema financeiro que segue a sharia (lei islâmica), que é orientada por princípios éticos e justiça social. A principal proibição geralmente ligada às finanças islâmicas é a dos juros, mas há muito mais para isso. Oferece um portfólio de produtos e serviços que competem com os existentes no sistema convencional, no entanto estes preservam os princípios islâmicos. Apesar do alcance global, as finanças islâmicas não entrar no Brasil nem na América Latina como aconteceu na Europa e na Ásia especialmente. Portanto, este artigo tenta revelar o que está por trás desse sistema financeiro e tentar encontrar maneiras de tornar possível a sua introdução no Brasil. Para alcançar isso, realizou-se uma pesquisa qualitativa orientada pelo estudo de países que introduziram as finanças islâmicas, e entrevistas feitas com os principais atores do Brasil ligados às finanças islâmicas. Os resultados da pesquisa refletiram parcialmente a perspectiva da academia, do ‘expert’ do mercado brasileiro e do setor financeiro islâmico, dado que cada entrevistado representava uma ou mais dessas categorias. Isso foi aprimorado com a junção das conclusões gerais extraídas dos estudos de caso apresentados, tirando as principais lições de suas experiências. Um sistema de codificação foi desenvolvido para filtrar e organizar os resultados. Em termos de oportunidades que as finanças islâmicas têm no Brasil, o que mais se destaca é a forte relação entre o Brasil e os países árabes (praticantes das finanças islâmicas), especialmente nas exportações, que representam situações em que as finanças islâmicas poderiam ser adotadas para intermediar no financiamento. Os obstáculos que impedem que isso aconteça são muitos e estão principalmente ligados à falta de familiaridade com o assunto no mercado e ao ambiente delicado que o Brasil se encontra, o que não é favorável a novos projetos ou investimentos. Os próprios procedimentos das finanças islâmicas são complicados e difíceis, o que torna o processo de introdução mais complexo. Diante disso, há muitas medidas que podem ser tomadas já para incentivar a introdução das finanças islâmicas no Brasil ou mesmo realizar algumas operações financeiras islâmicas isoladas. Murabahah é um exemplo de um contrato de ‘cost plus’ que pode ser usado pelos exportadores para vender suas commodities no exterior e o sukuk é um método alternativo para arrecadar dinheiro com certificados respaldados por ativos. Essas duas operações podem ser adotadas por empresas brasileiras, porém precisam ser conduzidas no exterior devido à complicações regulatórias. Para o longo prazo, ter especialistas e profissionais interessados nas finanças islâmicas, compartilhando seus conhecimentos sobre assunto e explorando mais profundamente o assunto em seu local de trabalho abrirá oportunidades para as empresas para as quais trabalham e será um incentivo para a futura adoção das finanças islâmicas por parte de outros. As entidades que também trabalham para a promoção das indústrias halal (compatíveis com a sharia) – que podem ser consideradas um combustível para as finanças islâmicas – e aprimorando as relações entre o Brasil e os países árabes, ajudarão à reduzir a lacuna e na familiarização dos dois lados com as oportunidades disponíveis.