Press release of 11 May 2012
Paris, 11 May 2012
CIFIE announces the certification of the first life insurance contract under French law that complies with Islamic law (Shari’ah) in metropolitan France
CIFIE, the Independent Committee for Islamic Finance in Europe, announces the certification as Shari’ah-compliant (Islamic law) of the first Islamic life insurance contract in metropolitan France. The insurance contract is called “Salam – Epargne et Placement” and will be distributed from June 2012 by a number of independent financial advisers and brokers.
CIFIE has also certified as Shari’ah-compliant the UCITS fund of funds “Salam-Pax Ethical-Funds of Funds”, which will serve as the investment vehicle for the insurance contract.
Savings and investment products that comply with Islamic law are indeed linked to funds compatible with Muslim ethics. The role of the Compliance Board (or Shari’ah Board), made up of jurists (recognised experts in Islamic law), was to confirm that the product is compliant so that it can be labelled “Shari’ah-compliant”.
This launch is the first of its kind in metropolitan France and confirms a genuine step forward and innovation in the Islamic and ethical finance sector in France.
The legal opinion (fatwa) signed by the three jurists of CIFIE’s Shari’ah Board appointed for this product, together with the charter drawn up by CIFIE, are available in the subscription agreement for this insurance.
Update of 4 July:
See also the Swiss Life press release of 4 July 2012:
Extract from this press release of 4 July 2012:
Eric Le Baron, Chief Executive of Swiss Life Assurance et Patrimoine, states:
“Salam Epargne & Placement is a life insurance contract that belongs to the world of ethical and responsible finance. This contract meets the demands of certain private investors who wish to follow the principles of Islamic and ethical finance, and as such is certified by CIFIE (Independent Committee for Islamic Finance in Europe)”.
Notes:
CIFIE was born of a desire to answer the questions raised by the development of Islamic finance in France and in Europe. Islamic finance cannot be handled properly without taking its environment into account. This is why, in addition to eminent specialists in Islamic law, the committee includes professionals and specialists in conventional finance and French law.
CIFIE is independent and its members live and practise in metropolitan France. Their experience of the French context gives them the perspective needed to carry out their missions.
Short CVs of the scholars (jurists) who signed the fatwa:
Dr Sheikh Tarek ABO EL WAFA (CIFIE religious committee)
Doctorate in comparative public law from the University of LA SORBONNE (Paris).
Master’s degree in Islamic legislation and Islamic law from the Faculty of Islamic Legislation and Islamic Law (five years of higher education, al-ijaza al-‘aliya) at AL-AZHAR University (Egypt).
Postgraduate diploma in comparative public law (Egypt).
Sheikh Tarek was a professor at the Faculty of Islamic Legislation and Islamic Law, AL-AZHAR University, Egypt.
Sheikh Tarek holds the post of professor in the postgraduate department “Magister Al-Fiqh wa-oussoloh” at the IESH (Institut Européen des Sciences Humaines) in Paris. He is also adviser on Islamic law to the Association Islamique de l’Ouest de la France.
He is a member of the International Union of Muslim Scholars, chaired by Sheikh Dr Al-Qaradawi.
Sheikh Abderrahmane Belmadi (CIFIE religious committee)
Professor of theology and Islamic law at the Al Ghazali institute for the training of imams (at the Grand Mosque of Paris), Abderrahmane Belmadi was trained by eminent scholars and sheikhs, and received from them ijazas authorising him to teach fiqh, tawhid and the sciences of hadith.
Holder of a master’s degree in financial sciences and a DEA in Islamic economics, he is also in charge of the azahera and rayaheen websites, which bring together sheikhs from Al-Azhar and various universities of the Muslim world specialising in theology, jurisprudence, and the sciences of the Qur’an and hadith.
These expert scholars were of course supported in their mission by the team of seasoned financiers of CIFIE’s CDF committee.
To receive the fatwa or for further Shari’ah information on the product, contact CIFIE at: contact@cifie.fr