Création de l’Association Marocaine pour les Professionnels de la Finance Participative – AMFP

L’assemblée constitutive de l’Association Marocaine pour les Professionnels de la Finance Participative – Sharia Compliant – AMFP a eu lieu le 16 avril 2013 à Casablanca.

L’association est née de la volonté de créer une structure dont la mission principale est de contribuer au développement des compétences et du savoir faire liés à la finance participative – Sharia Compliant au Royaume du Maroc.

L’association se veut un espace d’échange entre les acteurs de la finance Sharia Compliant au niveau national et international et une force de propositions.

Parmi les objectifs  de l’association:

• Promouvoir les bonnes pratiques de la finance participative – Sharia Compliant ;
• Développer un espace d’échange, de networking et de perfectionnement des compétences ;
• Participer aux actions culturelles, sociétales et environnementales ;
• Nouer des partenariats avec les différentes institutions et organismes nationaux et internationaux, publics ou privés, ayant les mêmes objectifs que l’association.

Le bureau de l’association est composé de :

• M. Said AMAGHDIR – Président
• M. Hakim BENSAID – Vice-président
• M. El Mahdi YASSINE – Secrétaire Général
• M. Adil AGENAOU – Trésorier
• M. Rida JALIL – Trésorier Adjoint

Pour plus d’information, veuillez contacter par email : 

 

Call for interest to join the founding team of the 1st Islamic investment company in Morocco

In the coming months, Morocco will have a brand new bank law, and will as well adopt a significant reform of the regulation related to capital investment activities.

• The new bank law which shall be examined by the parliament during the autumn session dedicates a full chapter to Islamic finance. Once adopted, this new law will pave the way for the long awaited implementation of Islamic banks in the country.
• On another hand, the amended law related to capital investment companies and investment funds will setup a unified framework for capital investment, including risk capital and capital development.

In this context, I am issuing a call for expression of interest to practitioners – Moroccan or foreigners – who would like to join the founding team of the first Sharia Compliant Capital Investment Company in Morocco.

The main activity of the projected Capital Investment Company will be to create and manage publicly-traded funds dedicated to the following sectors :

• Property development and Construction 
• Tourism and Hospitality
• Industry
• Energy
• Distribution
• Transport and logistics

The ultimate goal is to finance job creating projects that contribute to the development of the country, within a Sharia Compliant investment and financing framework.

Interested professionals are invited to contact me through Linkedin or send me their CV at :

The directors profiles sought must have a solid experience in at least one of the following fields:

• Investment banking
• Investment consulting
• Capital investment

Applications will be evaluated with respect to the candidate’s ability to :

• Involve Moroccan and/or foreign institutional investors in the investment funds.
• Identify investment opportunities and partner entrepreneurs.
• Evaluate the feasibility and profitability of the investment projects.
• Contribute efficiently to the decision-making bodies of the financed companies.
• Ensure the conformity of the investment company practices with the regulation.

Confidentiality assured.

Halsaâ Benzha – Entrepreneurship specialist 
Founder of RIBH, le journal de la finance islamique

 

Appel à manifestation d’intérêt pour la création de la 1ère société d’investissement islamique au Maroc

Le Maroc devrait connaître dans les prochains mois une importante réforme de sa loi bancaire ainsi que de la réglementation de l’activité de capital investissement.

• Le projet de loi bancaire qui sera examiné à la rentrée parlementaire consacre un chapitre entier aux activités de finance islamique. Une fois adoptée, cette loi ouvrira la voie à l’implantation tant attendue de banques et d’institutions financières islamiques au Maroc.

• Le projet de loi relatif aux Organismes de Placement Collectif en Capital (OPCC) instaure par ailleurs un cadre réglementaire unifié pour les activités de capital investissement qui englobera le capital risque et le capital développement.

Dans cette perspective, je lance un appel aux professionnels – marocains ou étrangers – qui souhaitent se joindre à l’équipe fondatrice de la première Société de Capital Investissement Islamique au Maroc.

Cette société aura pour vocation de constituer et de gérer des Fonds de Placement Collectif en Capital (FPCC) faisant appel public à l’épargne et intervenant dans les secteurs suivants :

• Promotion immobilière et secteur du bâtiment 
• Tourisme et industrie hôtelière
• Industrie
• Energie
• Distribution
• Transport et logistique

L’objectif ultime est de financer des projets générateurs d’emplois contribuant au développement du pays, dans le respect des normes d’investissement et de financement Sharia Compliant.

Les professionnels intéressés sont invités à me contacter via Linkedin ou à me faire parvenir leur CV à :

Les profils recherchés pour les administrateurs de la société d’investissement projetée doivent disposer d’une solide expérience dans un ou plusieurs des domaines d’activité suivants :

• Banque d’affaires
• Conseil en investissement
• Société de bourse

Les candidatures seront appréciées sur la capacité des intéressés à :

• Impliquer des investisseurs institutionnels marocains et/ou étrangers dans les fonds de placement.
• Identifier des opportunités d’investissement et des promoteurs partenaires.
• Evaluer la faisabilité et la rentabilité des projets d’investissement.
• Contribuer efficacement aux instances de décision des sociétés financées.
• Assurer la conformité des opérations de la société d’investissement avec la réglementation.

Cet appel s’adresse également aux sociétés d’investissement marocaines existantes intéressées par la création en joint venture d’une filiale dédiée aux opérations d’investissement Sharia Compliant.

Confidentialité assurée.

Halsaâ Benzha – Spécialiste en création d’entreprise
Fondateur de RIBH, le journal de la finance islamique

Projet de loi OPCC

 

New French tax rules on Islamic finance

Par Serge Bakoa, Avocat-Fiscaliste au Barreau de Paris

New tax administrative regulations have been published last February 2009 in order to clarify the French tax treatment of two types of Islamic finance transactions, i.e. the murabaha and sukuk bonds transactions.

Islamic finance corresponds to financial transactions complying with principles set forth by the sharia, notably the prohibition of speculative operations "gharar", interest-bearing loans "riba", uncertainty on sales "mayssir", and investments in certain sectors such as weapons, alcohol and tobacco, or casinos – "haram". The main principle under Islamic finance is that the transaction must be backed on to tangible assets and then tied to the real economy. In order to be part of this $ 500 – 700 billion worldwide market, French authorities have decided to promote the development of Islamic financial transactions since July 2007, through progressive adaptation of the French civil, financial and tax regulations. Of course, certain Islamic financial transactions had already been carried out in France prior to 2007, mainly in the real estate sector. However, their tax treatment was still uncertain.

New tax administrative regulations have been published last February 2009 in order to clarify the French tax treatment of two types of Islamic finance transactions, i.e. the murabaha and sukuk bonds transactions :

Tax treatment on murabaha transaction

Main characteristics of Murabaha transaction for French tax purpose. A murabaha transaction is one whereby a financier (Bank or SPV) borrows funds and then purchases an asset from third party, which he then immediately resells to an investor (i.e. its client) at a price higher than the initial purchase price (i.e. interests and intermediary fee included). The sale price is paid by installments. The difference between the purchase price and the resale price (the profit margin generated by the financier) corresponds to the cost of financing the investor would have borne if he had purchased the asset directly on credit.

A murabaha transaction is in fact an asset financing technique through a purchase and resale transactions on real estate properties, securities, goods or inventories. The agreement must contain specific provisions set forth by the tax administrative regulations in order to qualify as murabaha transaction for French tax purpose.

Tax regime applicable. Normally the agreement between the financier and the investor qualifies as sale agreement from legal standpoint and the profit deriving from such sale is immediately taxable. However, according to French tax authorities the profit margin made by the financier is the remuneration of the differed payment granted to the investor from economical standpoint.

Such differed payment is treated with regard to most French taxes as interest and not as a capital gain. Therefore the taxation of the profit margin generated by the financier is spread out over the term of the differed payment (on straight line basis) provided that the agreement is properly drafted and specific accounting requirements are met. However, the portion of the profit margin remunerating intermediary services rendered by the financier is directly subject to tax.

In the case of profit margin paid by the French investor company to the financier located outside France, such payment is exempted from French withholding tax according to domestic tax rules provided that the conditions indicated above are met.

The tax administrative regulations have also confirmed the cases where capital gain taxes on the real estate purchase/resale transaction, registration duties, business license tax and VAT can be mitigated.

 

Islamic “Ajman Bank” starts in Ajman

Ajman Bank, the Emirate’s first Islamic commercial bank, was officially opened at a formal ceremony led by HH Sheikh Humaid bin Rashid Al Nuaimi, the Ruler of Ajman, to publicly celebrate the start of operations for both the Bank and its branch.

The flagship branch represents the retail side of Ajman Bank while corporate banking activity has been underway behind the scenes over the past six months. Ajman Bank will provide a wide range of banking services in the UAE for individual, business and government clients, all in compliance with Shari’ah principles.

Plans remain on track for further branches to be opened in Sharjah, Dubai and Abu Dhabi every quarter in 2009 and a second branch is set to open in Ajman later this month.

Source: CPI Financial

Ajman Bank PJSC, has started its operations in January 2009,. It is the first Shariah based Islamic bank incorporated and headquartered in the Emirate of Ajman. The Bank’s strategy is “to target the rapidly expanding Shariah financial services market with innovative products and services, designed to meet customers’ needs, all supported with outstanding levels of customer service”.

Ajman Bank was the first bank in the UAE in recent history to have decided to approach the market for an IPO. Though there are seven other Islamic banks in the UAE : Dubai Islamic Bank, Abu Dhabi Islamic Bank, Dubai Bank, Emirates Islamic Bank, Noor Islamic Bank, Sharjah Islamic Bank and Al Hilal Bank, only three banks have raised capital from the public so far.

Ajman Bank, the newest and the eighth Islamic bank being set up in the UAE, will mostly depend on Saudi Arabia and Bahrain markets for its human resources, according to the bank’s chief executive. Yousif Khalaf, CEO of Ajman BankAjman Bank, said getting talent for Islamic banks has become a difficult proposition, especially in the UAE and hence, Ajman Bank has to depend on other GCC markets to bring people to run the bank. Being from Bahrain himself, Khalaf said getting the right people may be the biggest challenge faced by banks, especially Islamic banks, where talent shortage is a critical issue. He said the new bank will introduce a new range of products, including mortgage finance products.

Ajman Bank aims to operate as a full-fledged Islamic bank supporting the on-going social and economic developments in Ajman by providing Shariah-compliant products and services including murabaha, mudarabah, istisna’a, musharaka, and ijara and other innovative Islamic products and services catering to the needs of the local market.

Ajman Bank to focus on UAE national market due to global financial crisis

The seventh Islamic lender in the UAE, Ajman Bank listed on the Dubai bourse in June, saying at the time it planned to establish itself in the UAE then look to other Gulf and Islamic countries for future growth.

The credit crisis has since caused turmoil in international markets and has also squeezed liquidity in the UAE, the world’s fourth largest exporter of crude oil, prompting the government to offer banks extra funds and guarantee deposits. The crisis is widely expected to slow down a Gulf Arab real estate boom, which is also prompting Ajman Bank to rethink its strategy.

"When it comes to the strategy… to allocating our assets … to liquidity positions and risk management scenarios, those will all be revisited because obviously now there is a need to set aside more liquidity than before, just in case," he said. "Real estate… has been one of those sectors which may face some difficulties so obviously we have to be careful… Some sectors in which we feel more comfortable (are)…trade finance, financing small to medium-sized enterprises, consumer finance."

The bank expects to open its first flagship branch in Ajman, one of the seven emirates comprising the UAE, in the fourth quarter, as planned. Khalaf said it would also have a presence in the main emirates, Dubai and Abu Dhabi, in the next year.

Source: Ajman Property Blogspot, October 28, 2008

Ajman escrow account agreement signed

The newly established Ajman Real Estate Regulatory Agency (ARRA) has signed an agreement with the Ajman Bank to accept obligatory escrow payments from developers, officials said on Tuesday.

The escrow requirement, already in place in Dubai, requires developers to place all monies from investors into an account that can only be used for construction of the designated project.

“It is the first agreement that we have signed for an escrow account so far,” Omar al Barguthi, the director general of ARRA said.

At least 900 projects have been planned in the emirate, and many have sold off-plan units to buyers. Developers of these projects will now have to transfer deposits to escrow accounts. Without an account, developers will be refused registration and a licence to build from ARRA.

“We have already 22 registrations awaiting and from tomorrow, we will be ready to open all accounts, said Yousif Saleh Khalaf, the chief executive of Ajman Bank. The bank was expecting up to 50 developers to open escrow accounts within the next six months.

The bank is owned 25 per cent by the Government of Ajman and is 55 per cent public, on the Dubai bourse.

Nathalie Gillet, The National (UAE) March 10. 2009