La finance islamique s'appuie sur un modèle d'intermédiation bancaire à taux zéro. C'est par conséquent une finance dite libre d'intérêt. Elle nécessite en outre l'adossement de toutes les transactions à un actif tangible tout en étant fondée sur le partage des profits et des pertes. Elle permet de regrouper toutes les techniques qui permettent de mettre des fonds à la disposition d'un agent économique pour répondre à ses besoins à court ou à long terme, sans violer l'interdiction absolue de recevoir une rémunération sous formes d'intérêts, ni les autres principes fondamentaux édictés par le droit musulman. D'après les standards de l’AAOIFI, chaque banque islamique doit se doter d'un conseil de conformité à la charia, composé de jurisconsultes et d’experts en finance islamique (scharia scholars) indépendants désignés par l'Assemblée générale des actionnaires de l'établissement. Composé au mois de trois savants, le rôle de la sharia board est de valider et de certifier les contrats et les transactions financières de la banque. Pour ce faire il est chargé de spécifier les règles de conformité avec les principes de la jurisprudence islamique et de contrôler leur application. Il doit ainsi procéder à des vérifications des activités entreprises par la banque, des procédures et de la documentation qui les accompagnent. Le périmètre de la finance islamique couvre les activités historiques d'un marché financier. Les banques y jouent un rôle important et leur intermédiation reste prédominante dans la collecte de l'épargne et le financement des projets. L'appel public à l'épargne passe par le marché des sukuk. Aujourd'hui, on s'accorde à reconnaître qu'un système économique et technique, global, a saisi le monde. Il s'agit d'un système financier, de l'économie concurrentielle de marché tend à devenir une idéologie, dans la mesure où il n'est pas organisé en termes de fins ni de valeurs. Ainsi, on s'intéresse d'abord à présenter la mobilisation de la finance islamique en France en insistant sur le marché du sukuk qui a envahi le monde entier. Puis on aborde le sujet de l'assurance islamique (le Takaful) qui est un type d'assurance islamique dans lequel les membres mettent de l'argent en commun pour bénéficier d'une garantie mutuelle contre pertes ou dommages. Fondé sur les préceptes de la charia, l'assurance dite« Takaful » procède de l'idée que les individus doivent coopérer entre eux et se protéger mutuellement. Les compagnies d'assurance takaful sont une alternative aux compagnies d'assurance commerciales classiques, qui vont à l'encontre des principes du riba (l'intérêt), de l'al-mayssir (le hasard), et du al-ghârar (la spéculation), tous prohibés par la charia. Ce travail a principalement permis de montrer la nouvelle place de la France et notamment Paris dans ce marché mondial et il a permis de dresser un état des lieux de la recherche d'alternatives, d'identifier et de comprendre le marché des sukuk sur notre territoire et surtout, de proposer des solutions pour permette à la place de Paris d'être la terre d'accueil du marché des sukuk et de tous les types d'activités financières islamiques, banque d'investissement et de détail, assurance takaful. Et pour faire de la France la capitale de la finance islamique au monde. / The development of Islamic finance in the global market and the strong appetite that this compartment has in conventional finance arouses professionals to invite you to consider France to be the location of project finance transactions. Islamic finance is not only directed to the 1.5 billion Muslims. Several western countries are also interested in it because it has interesting features on transparency and banking regulation. Islamic finance is based on the principles of Islamic law (Sharia) that impose justice, fairness and transparency. It relies on a bank intermediation model to zero and is, therefore, called a free financial interest. Free financial interest also requires the backing of all transactions in a tangible asset white being based on both the share of profits and losses. With a range between 2.1 and 5 million Muslims, France has more Muslims that no less than eight members of the Arab League including Lebanon, Kuwait, Qatar, Bahrain, UAE, Palestine, Djibouti and the Comores Islands. This figure shows de facto that France is the first European country by the importance of its Muslim community and will remain so until 2030. With the adoption of tax instructions to avoid penalizing Islamic finance operations compared to convention al operations, the legal framework is present. In addition, the insurance law provides for statutes perfectly compatible with Takaful principles without the need to legislate or amend. France is the world's fifth largest insurance market with a penetration rate of nearly 10% according to the SIGMA journal published by Swiss Re. The 2013 annual report of the FFSA reported 188 billion euros of contributions of ail markets in France. If Takaful solutions arrived to pick only 2% of the French market in France it would become the second global market. Two Islamic instruments have emerged in France first. Sukuk, which is a mutual solidarity through a pooling of risks and resources by a collective way (insured), are shared by the market and by other Islamic insurance (Takaful).

The main objective of this research is to examine whether the current practices of Islamic banking and financial activities in Saudi Arabia are compatible with the principles of Shariah. This examination includes the current uses of sukuk (Islamic bonds), the models of takaful (Islamic insurance) and accepted risk transfer mechanisms in Islamic structured finance (Islamic derivatives). The second purpose is to investigate the basic laws of banking and financial activities in Saudi Arabia and examine whether they are compatible with Shariah principles. The final aim is to suggest solutions to the absence of regulatory and supervisory systems of Islamic finance in Saudi Arabia by proposing a legislative and regulatory framework for Islamic banking and finance in Saudi Arabia. The research findings show that there are no specific laws and regulations governing Islamic banking and financial activities in Saudi Arabia. In addition, there is no independent central Shariah board to regulate and supervise Islamic banking and financial activities in Saudi Arabia, nor are there are any specialised commercial courts to look into banking issues. The research finds that there are some articles in the law of supervision of cooperative insurance companies in Saudi Arabia, and its implementing regulations, which do not comply with Shariah, and in addition, there is some incompatibility between the law and its implementing regulations. The final finding is that the issuance of sukuk and Islamic financial derivatives in Saudi Arabia are not consistent with Shariah requirements, due to the absence of regulatory policies and supervisory harmonisation, while Islamic insurance needs to amend some articles of the law of supervision of cooperative insurance companies in Saudi Arabia, and its implementing regulations, in order to comply with Shariah and also to avoid incompatibility between them.

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Sukuk are a special kind of securities based on Islamic law. Being an up-to-date and increasingly important instrument, sukuk are traded in financial markets of not only Muslim countries. The aim of the dissertation is to review this Islamic legal institute in its entirety and to examine it from the point of view of the Czech and European Union legal regulation of securities and financial instruments. The starting point of the dissertation is the assumption that by studying foreign law and comparing its institutes, it is possible to achieve a better understanding of one's own legal regulation and possibly create new solutions that would otherwise be hidden in the standard context of understanding national law. The dissertation deals with sukuk both in terms of their theoretical definition provided by the Islamic legal theory (the idealistic approach) as well as from the point of view of their actual form in practice as products of Islamic securitization (the pragmatic approach). The analysis of the examined legal institute results in a new definition of the concepts of sukuk and Islamic securitization. The paper further concentrates on the structures of a total of seven main types of sukuk, namely: (i) Sukuk al-Ijarah, (ii) Sukuk al-Murabahah, (iii) Sukuk as- Salam, (iv) Sukuk al-Istisna'a, (v)...

Indonesia launched a sovereign green sukuk in 2018 to fund green projects that can contribute to addressing climate change and achieving the Sustainable Development Goals. This issuance also marked  the first sovereigngreen sukuk issuance in the world. Since then, Indonesia has issued five sovereign green sukuks and has mobilized 3.23 billion USD from these issuances. The money raised from these sovereign green sukuks has been directed to five eligible sectors: sustainable transportation, energy efficiency, renewable energy, waste toenergy and waste management, and resilience to climate change for disaster risk areas. This study aims to assess firstly how the money raised by the Indonesian sovereign green sukuk flows to the renewable energy powerplant projects. Secondly, this research also aims to identify what kind of barriers influence the flows of greensukuk money to the renewable energy power plant projects. A literature review is carried out to outline the barriers that have been known to exist in green bond and green sukuk financial flows from the previous research. Meanwhile, an exploratory single case study is employed to explore the flow of money and identify the barriersin Indonesia. The findings were analyzed using thematic analysis.   Results show that there are two key actors in implementing the flow of money: the Ministry of Finance and the Ministry of Energy and Mineral Resources. The Ministry of Finance has a role as an issuer of the sovereigngreen sukuk. On the other hand, The Ministry of Energy and Mineral Resources has a role as the project ownerin the renewable energy sector. Therefore, it requires good coordination between them since each ministry hasdifferent responsibilities and priorities. Meanwhile, there are three frameworks that determine the mechanismof the flow of finance. Firstly, the state budget. Secondly, the Law No. 19/2008 concerning Sovereign Sukuk and its subordinate legislation, which is the Government Regulation No. 56/2011 concerning Project Financingthrough Sovereign Sukuk Issuance. Lastly, the Republic of Indonesia Green Bond and Green Sukuk Framework.The involvement of these frameworks shows that the implementation of the sovereign green sukuk must alignto the management of the state budget, must be compliant with the sovereign sukuk law and its subordinate legislation, and must follow the green principles according to the Republic of Indonesia Green Bond and Green Sukuk Framework. This study also shows two main barriers: the lack of coordination between ministries and the lack of capacity in some of the regional governments. The lack of coordination between ministries has affected the formulation of the impact report. Since the impact report is one of the key components in the sovereign green sukuk, the delay in delivering the impact report and the lack of quality in providing theinformation in the impact report can diminish the investor’s confidence. Meanwhile, the lack of capacity insome of the regional governments to manage and operate the renewable energy power plants funded by the green sukuk has led these projects could not give the impact as expected in reducing emission and achieving the SDGs target in the rural areas.   Based on these results, this study suggests these recommendations: (1) The Ministry of Finance should consider establishing a directorate dedicated to exclusively handling green finance; (2) The ministries that own the projects should raise their awareness in reporting the impact of the green projects; (3) The coordination between the ministries should be improved in ensuring solid implementation in the issuance, allocation, and reporting phase; (4) The Ministry of Energy and Mineral Resources should ensure that the plan to build renewable energypower plants from the green sukuk are well-planned and well-executed. (5) The regional governments should increase their technical and financial capacity to ensure the sustainability of the renewable energy power plantsthey manage.

Islamic finance is acquiring a growing respected place in the world financial system and its market share has been growing by more than 15 percent annually for the last ten years. Sukuk is the financial instrument which is considered to be the icon of the Islamic finance now. It is now one of the fastest growing financial instruments in the world. In this thesis, Sukuk and its original structures are defined and discussed. The features of each structure and their practicality are also highlighted. The main and most important contribution of this thesis is adiscussion and an analysis of the risk identification of Sukuk structure. The management of risk associated with Sukuk structure is also a matter of great importance. A qualitative research approach adopted with unstructured interviews with different experts both in the Islamic and traditional finance field from three different countries. Respondents observe that Islamic capital market is growing and it has established its identity in the world financial market. This bright picture of Sukuk success brings some major risks which are identified as, regulatory risk, Shariah compliance risk, liquidity risk, market risk, credit risk, risk related to underlying asset, third party risk. It is found that risk management practices are very weak at the moment and these risks are not currently well managed.These risks are more and complex and there are no well standardized and documented techniques which can be used to hedge these risks. Sukuk are exposed to these risks .Notmuch importance has been given to the risk management yet and the main focus remainson the issuance of Sukuk .It observe that without proper risk management of the Sukuk structure its success story will always remain under question.

Sukuk are an important mode of financing in the Islamic financial system. As usury (interest) is prohibited in Islam, conventional bonds are not suitable for investors in Islamic countries. Since their launch in the 1980s, Sukuk have gained recognition and popularity as a substitute for conventional bonds. However, their unique features mean that Sukuk are not always clearly understood. The aim of this study is to analyse the differences and similarities between Sukuk and conventional bonds in terms of their risk and return characteristics.

Cette étude traite du sujet des emprunts lexicaux dans le domaine de la finance islamique. Etant donné que ces emprunts sont employés dans un environnement nouveau totalement différent de celui dont ils sont issus, ils rencontrent une confrontation au système de la langue receveuse. C’est cette confrontation qui se manifeste à tous les niveaux linguistiques : graphique, morphologique, morphosyntaxique, morpholexical, sémantique, contextuel et syntaxique que nous nous proposons d’étudier dans notre recherche. Au niveau graphique, nous discutons et analysons la variance formelle que les emprunts de ce domaine ont reçue en français. Au niveau morphologique, nous abordons le sujet des sigles et leur formation dans le domaine de la finance islamique. Concernant la morphosyntaxe, nous nous intéressons à la problématique de la singularisation ou la pluralisation d’un emprunt et le choix du genre de cet emprunt. Au niveau morpholexical, c’est le problème de la dérivation de ces unités qui est analysé et observé dans le corpus. Au niveau contextuel, nous reprenons la question du transcodage et du double transcodage des emprunts que nous essayons de développer, en ajoutant à la littérature déjà existante un axe qui n’a pas été traité auparavant : la problématique de transcodage des emprunts composés. La syntaxe des emprunts, sera traitée dans cette étude à partir de deux points primordiaux. Le premier étant la combinaison lexicale des emprunts avec les lexies de la langue receveuse ; le deuxième concerne, quant à lui, le comportement sémantico-syntaxique des emprunts. / This study deals with the subject of lexical loan words in the Islamic finance field. Therefore, and because these words are used in a new and totally different environment, they encounter a confrontation with the recipient language system. Hence, the purpose of the present thesis is to study this confrontation at all linguistic levels; be it graphic, morphological, morpholexical, semantic, contextual and syntactic. On the graphic level, the analysis will focus on the formal variance that loan words of this domain received in French. On the morphological level, we address the subject of acronyms and their formation in the Islamic finance field. With regard to the morphosyntax, our interest lies not only on the singularization or the pluralization of the loan words but on the choice of the grammatical gender of these loan words as well. On the morpholexical level, an analysis of the problem resulting from the derivation of these units as observed in the corpus. On the contextual level, we address again the issue of transcoding and double-transcoding of loan words that we are trying to develop. A concept that will add to the existing literature an axis that has not been dealt with before: the case of transcoding compound loan words. To sum up, this study deals with the syntax of loan words from two points of view. Firstly, it focusses on the lexical combination of loan words with the lexis of the recipient language and secondly, it focusses on the semantic-syntactic behavior these loan words.

La finance islamique est un secteur à fort potentiel, il ne connaît pas de crise, et sa ‎croissance augmente à deux chiffres ! Au Maroc comme partout dans le monde, cette ‎industrie financière éthique est en plein effervescence, elle ne cesse de gagner du terrain ‎notamment dans les secteurs touchant l’économie réelle, à l’instar de l’immobilier.‎ En effet, force est de constater, que le secteur immobilier s’adapte parfaitement aux ‎exigences éthiques de cette finance à caractère morale. À vrai dire cette dernière, offre une ‎panoplie de techniques juridiques allant du simple au plus complexe permettant l’accès au ‎logement et l’investissement immobilier.‎ Cette thèse examine selon une approche juridique moderne ces techniques contractuelles, ‎qui offrent des alternatives intéressantes et sans intérêts aux solutions de financement ‎actuelles / Islamic Finance is a sector of big potentials, it knows no crisis and its ‎growth is increasing with a double-digit rate! In Morocco, like ‎everywhere in the word, this ethical financial industry is buzzing, it ‎keeps gaining ground in sectors of real economy such as real estate.‎ In fact, it is clear that the sector of real estate adapts perfectly to the ‎ethical requirements of this finance of moral features. As a matter of ‎fact, it offers a panoply of juridical techniques ranging from simple to ‎complex and gives access to housing and real estate investment.‎ This thesis, probes with a modern juridical approach these contractual ‎techniques that give interesting alternatives and without bank interest ‎to the problems of the current financing

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...