Conference on "Islamic finance" and mortgage loan

28 April 2025 (Monte Carlo One)

Organised jointly by 99 AVOCATS ASSOCIÉS and NORTON ROSE FULBRIGHT, the conference addressed the principles of "Islamic finance" and solutions for real estate financing.

Introductory speech: The President of the Monaco Bar Association, Bernard BENSA

Presentation: Me Geoffroy HERMANNS, Partner NORTON ROSE FULBRIGHT Luxembourg

Round table discussion with:

• Me Jean-Pascal BUS, Partner NORTON ROSE FULBRIGHT Paris
• Me Kamel BEN SALA, Partner NORTON ROSE FULBRIGHT Paris
• Me Thomas GIACCARDI, founding partner of 99 AVOCATS ASSOCIÉS
• Patricia KEMAYOU MENGUE, Head of the Banking and Finance Department at 99 AVOCATS ASSOCIÉS.

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The growing interest of common law and civil law countries in "Islamic finance" is not a temporary phenomenon, but a genuine strategy for financial diversification and international competitiveness.

"Islamic finance" is based on the standards drawn up by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) for Islamic financial institutions, and on the prudential regulation and financial stability standards of the IFSB (Islamic Financial Services Board) for supervisory authorities and regulators, whose work complements that of the Basel Committee on Banking Supervision, the IOSCO (International Organization of Securities Commissions) and the IAIS (International Association of Insurance Supervisors).

Based on the principles of the Sharia, which prohibit the use of interest (riba), excessive speculation (gharar) and operations deemed illicit (haram), the development of "Islamic finance" extends beyond the borders of the Muslim world.

These principles are attracting a clientele interested in more responsible, ethical and less speculative finance.

Markets such as the UK, Luxembourg, Paris and Singapore have introduced regulatory and tax measures to accommodate Sharia-compliant structures.

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