Facilitate access for Walloon companies to Islamic finance techniques which are likely to strengthen their competitive advantage.

Description

 

Despite certain rumours, Islamic finance is not "terrorist finance"!

It is in fact ethical finance, based on moral principles which themselves are inspired by the Muslim holy book, the Koran.

That being said, the Wallonia Export-Investment Agency's status as a public interest organisation means it cannot promote specific funding, whether ethical, cultural or religious...

With regards to exports to various Muslim countries, the Wallonia Export-Investment Agency has observed the growing importance of Islamic finance in financial and commercial exchange.

And, with regards to welcoming investors from some of these Muslim countries, the Wallonia Export-Investment Agency believes that the provision of Sharia-compliant financial vehicles should make Walloon companies and projects more attractive.

On this dual basis, the Wallonia Export-Investment Agency believes it is useful to facilitate access for Walloon companies to Islamic finance techniques which are likely to strengthen their competitive advantages.

A similar reasoning underpins the approach to the halal certification of Walloon export products.

Without judging the appropriateness of complying with the rules for obtaining such certification, the Wallonia Export-Investment Agency has observed that an increasing number of Muslims wish to avoid contact with or absorption of substances which are forbidden in their religion.

Some Walloon exporters may wish to meet this specific market demand. The Wallonia Export-Investment Agency is willing to support them in their halal certification process as well as in all of their export processes.

For Islamic finance

The Wallonia Export-Investment Agency can explain the importance and basic principles of Islamic finance.

However, the Wallonia Export-Investment Agency does not have sufficient qualified and diversified internal resources to provide its own services in this area.

The Wallonia Export-Investment Agency therefore prefers to help you directly contact the service providers in the world of Islamic finance.

For halal certification

The Wallonia Export-Investment Agency can make its agri-food unit available to you, as well as expertise in halal approaches to help you explore the export opportunity that could be offered by new and fast-growing markets for halal products.

Since there are numerous and complex techniques and methods of certification, the Wallonia Export-Investment Agency cannot offer you direct services in these areas. It can however help you to get in contact with intermediaries who are likely to meet your specific needs.

Beneficiaries

For Islamic finance: Any company in a commercial and/or financial relationship with any of the 57 countries of the Islamic Conference (see selected SOFINEX applicable countries)

For halal certification: Any company wishing to export its products (food, cosmetics, pharmaceuticals, etc.) to the 57 countries of the Islamic Conference (see selected SOFINEX applicable countries)

Terms of the contribution

Make initial contact with Marc Deschamps, preferably by email or telephone. 

The terms of the contribution will be defined jointly.

Conditions of the contribution

For Islamic finance

The conditions for awarding are in fact opportunity conditions that are largely imposed by the market itself:

  • There is no minimum threshold for export financing: Islamic banks have standard financial products.
  • For investment financing, the cost of Islamic financial arrangements assumes that the proposed transaction is of significant importance. However, floor thresholds should be studied on a case-by-case basis.

For halal certification

Given the diversity of situations, challenges and potential requests, the nature, scope and conditions of support from the Wallonia Export-Investment Agency should be defined on a case-by-case basis.

Contact

Marc Deschamps

Expert

T 32-2-421.85.02
or 32-496-26.73.17

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