COUNTRY REVIEW - FRANCE - most prominent mover 2010

Most of you will know that I do follow up close what is happening in the greater European area in the field of Islamic finance.

I just made a short review about the most prominent mover over the year 2010.

France managed to adapt following tax regulations for the introduction of Islamic (finance) contracts : Murabahah, Ijara, Istisna and there were specific changes to allow Sukuk.

CAPITAL MARKETS - SUKUK - Al Baraka plans $200 million Islamic bond sale

(Reuters) - Bahraini Islamic lender Al Baraka will launch a $200 million Islamic bond sale this year to fund expansion in France, its chief executive said.

Proceeds from the sukuk will be used to set up branches in France, Adnan Yousif told Reuters on the sidelines of a conference on Wednesday.

"We are thinking to expand in France next year. The number of branches will not exceed five. It is the right time to open subsidiaries in Europe. The sukuk will be issued by the end of the year, maybe December," Yousif said.

BANKING - Bahrain's Al-Baraka to enter Saudi through acquisition

REUTERS  - DUBAI: Bahrain's Islamic lender Al-Baraka said on Tuesday it planned to enter the Saudi Arabian market through an acquisition of an Islamic investment company, valued at around SR300 million ($80 million). 

"The group is in the process of obtaining approval from Saudi authorities to enter the Kingdom this year through acquiring one of the companies operating in the Saudi market," the lender said in a statement on the bourse website.