Press Clips

A. Brugnoni, "История дебютной сделки ОАО «Ак Барс» Банка", December 2011 - Russian translation of the short story on the first Islamic finance transaction ever made in the Russian Federation

Казань. 17 декабря 2010 г.. 4:30 утра.Я стою у отеля в ожидании водителя Анатолия, который отвезет меня в аэропорт. Метель. Я собираюсь вылетать ранним рейсом в московский аэропорт Шереметьево, что-бы успеть на рейс, который вернет меня к столь любимому и привычному «кочевому» образу жизни в роли консультан-та по исламским финансам в странах Ближнего Востока. Ни три часа сна ночью, ни температура в минус 29 °C не влияют на мое приподнятое настроение. Ранний телефонный звонок прошлым утром продолжает звучать в моем сознании. Я, наконец, могу различить свет в конце туннеля… Мои попыт- ки открыть российский рынок навстречу исламским финансам практически начинают приносить свои плоды.

A. Brugnoni, "Islamic Asset Management", December 2011 - This fourth article describes the development of Shariah-compliant funds in the region that has seen the rise of Islamic finance.

Il numero dei fondi di investimento domiciliati nei paesi GCC è a tutt’oggi di circa 380, dei quali 208 sono Shariah-compliant. Gli assets under management (AUM) sono alquanto limitati e anche la struttura legale e il quadro regolamentativo di riferimento hanno certamente bisogno di ulteriori perfezionamenti ...

"Pieniądze islamskie są dla Europy lepsze niż chińskie", November 2011 - Interview by A. Brugnoni to the site of the Central Bank of Poland on the Euro crises and Islamic finance

Gdzie jest kryzys, nie ma niewinnych: w 2003 roku,kiedy Niemcy i Francja zeszły ze ścieżki stabilności i wzrostu, nie nałożono za to na nie żadnych kar. Niemieckie i francuskie banki ponoszą część odpowiedzialności za grecką bańkę finansową.Niektóre państwa nie ujawniają całej prawdy i są wśród nich także Niemcy czy Brytyjczycy - mówi ...

"Исламское финансирование: перспективы и развитие", June 2011 - Interview given by A. Brugnoni to the "Mezhdunarodny Bukhgaltersky Uchet (International Accounting magazine)" on the possible developments of Islamic finance in Russia

Интервью председателя правления итальянской некоммерческой организации ASSAIF Альберто Брунони (Alberto Brugnoni), подготовленное при содействии портала«Исламская экономика, бизнес, финансы»(www.muslimeco.ru) 24.03.2011. Бывший директор итальянского подразделения банкаMerrill Lynch, Альберто Брунони (Alberto Brugnoni) является международным консультантом в области развития и укрепления потенциала финансового сектора, атакже руководителем итальянской некоммерческой организации ASSAIF

A. Brugnoni, "Islamic Asset Management: tipologie di fondi", July 2011 - This third article describes some asset classes accepted by the Shariah and the related types of funds

I fondi islamici, come quelli convenzionali, esistono per svariate classi di investimento quali gli attivi immobiliari e immobiliari, le materie prime o i cosiddetti ‘alternativi’. La creazione di un fondo islamico esige, oltre a competenze di finanza aziendale e fiscali, anche competenze sciariatiche per creare strutture che, oltre ad avere una struttura di governance appropriata, siano allo stesso tempo fiscalmente efficienti e sciariaticamente compatibili ...

"Meet the Head", 1 June 2011 - Interview to Alberto Brugnoni on his professional career and the identity that Islamic finance has to find again to be able to address the challenges facing this niche market

Alberto Brugnoni is an international consultant in Islamic finance. His first Shariah compliant activities date back to the mid 80’s with the execution of pioneering Murabahah transactions and participatory investment schemes. Brugnoni has authored some of the most innovative projects on financial and social inclusions, all recognized as benchmarks in their respective fields. Brugnoni runs ASSAIF, a consultancy that represents a truly unique proposition in the Islamic finance landscape ...

"Finanza islamica rafforzata da rivolte nel mondo arabo. Le nuove frontiere sono la microfinanza e le assicurazioni", 8 June 2011. Interview to Alberto Brugnoni on possible developments

''Le rivolte nel mondo arabo rafforzeranno ulteriormente la finanza islamica nel mondo''. Lo sostiene Alberto Brugnoni, ex direttore di Merrill Linch Bank Italia e presidente dell'Associazione per lo sviluppo di strumenti alternativi e di innovazione finanziaria (Assaif), in un'intervista ad AKI-ADNKRONOS INTERNATIONAL. ''I Paesi toccati dalle rivolte hanno vissuto la divaricazione tra una grande capacita' intellettuale e sistemi nazionali o tribali oppressivi che ne hanno limitato lo sviluppo - continua Brugnoni - ora potranno finalmente affermare l'indipendenza culturale del modello arabo'' ..

Alberto Brugnoni, "Islamic Finance in Russia and Tatarstan", May 2011 - Article on the rapid developments occuring in Russia and in the Republic of Tatarstan in the Islamic finance sector

Islamic finance is a growing industry estimated to reach the 2 trillion dollars mark by 2012 and many countries around the worldare tapping into this lucrative market including the Russian Federation. Russia is making progresses in enabling legislation to accommodate Islamic finance and banking into the country’s legal and regulatory framework and this article aims to explain the advancement of the Shariah compliant industry in this country and the Republic of Tatarstan. The Government of Tatarstan is strongly supporting and facilitating the development of the industry and is accommodating changes to equip the Republic with the tools and means to use Islamic financial instruments.

A. Brugnoni, "Islamic Microfinance Model Needs Changing", April 2011 - Article on the need to shift from a charity-based, donor-dependent approach to a market-based, for-profits approach

Microfinance is the supply of banking or financial services to people who experience difficulties in accessing the banking system. These difficulties may relate either to a lack of guarantees or to cultural and religious issues. In the first case, people are unbankable because they are in want of means, collateral or even the simplest form of financial literacy: this situation is found in poor Muslim countries where much of the population lives below the poverty line. In the second case, they are unbankable because the conventional financial brokerage system contravenes precepts deemed to be compulsory ...

A. Brugnoni, "Islamic Asset Management: gli indici", March 2011 - Article on the methodology and filters applied for the creation of the indexes and on the purification of dividends

Gli indici islamici sono costruiti applicando alle attività e agli indici finanziari delle società che compongono le loro controparti convenzionali, opportuni filtri che ne verificano la compatibilità ai principi sciariatici. Attraverso questo processo, le azioni considerate non conformi alla Shariah vengono escluse e gli indici possono così essere utilizzati dai gestori che vogliono applicare principi di investimento islamici ...

Alberto Brugnoni, "Asset Management islamico: i perché di una rubrica", Jan 2011 - Beginning of a series of articles on the fundamentals and characteristics of the Shariah-compliant asset management industry

L’offerta di prodotti Shariah-compliant da parte dei gestori italiani, così come già avviene in altri paesi europei, rappresenta un’opportunità alquanto interessante sia per partecipare a un nuovo mercato in piena effervescenza che per ampliare l’offerta dei prodotti. Il ‘timing’ appare senz’altro propizio soprattutto alla luce delle recenti prese di posizione di Bankitalia, ABI, MAE, SIMEST e CONFINDUSTRIA in materia di finanza islamica, e darebbe al primo gestore che si avventurasse in questo nuovo settore il vantaggio del ‘first mover’

6 Nov-4 Dic 2010 Italian Festival Weeks UAE - Rediscover the Italian in You ! Collettiva d’Arte Contemporanea a Sharjah, Italian Gastronomy in Al Qasba, Italian Week at the Shelter Maraya: Art ...

The program includes a number of initiatives in various fields, reflecting the great interest that Italy continues to raise the UAE and throughout the Arab world

Maria Buonsanto, "Dai Fondi Sovrani del Golfo nuove opportunità per il made in Italy", 22 November 2010 - Interview with A. Brugnoni on the importance of the use of Islamic finance as a lever of foreign and commercial policies

Consolidare la collaborazione economica coi Paesi del Medio Oriente, per accrescere gli scambi e cogliere le opportunità di investimento e finanziamento, significa anche tenere presente le regole specifiche della finanza islamica ...

a seguire ...

Rushdi Siddiqui, "Unsung stars of Sharia investing. Individuals and institutions at the forefront of the market deserve recognition", 21 November 2010 - The article cites the important role played by ASSAIF

Dubai: One of the reality checks of Islamic finance, beyond the award winners, is appreciating the work of the ‘grind' warriors of Islamic finance. These people cum institutions are the ‘unsung stars' of this niche market, and they need to be acknowledged ...

"Alberto G Brugnoni shares his opinion on prospects for the development of Islamic finance in Russia", 1 November 2010 - Reflections on the work undertaken by the Russian Federation in the development of Islamic finance

1) Does the Russian market really need Islamic finance? Yes, it does. According to the Ministry of Foreign Affairs there are approximately 20 million Muslims in the Russian Federation though other sources estimate that Russia could have as much as 26 million Muslims, including Azeri and Central Asian migrants

"Banche distratte, esigenze molteplici. Milano riflette su potenzialità e limiti della 'finanza meticcia'", October 2010 - Article and interview to A. Brugnoni on the Welcomebank's event

MILANO – È scritto Welcomebank. Ma potrebbe essere anche “Welcome, bank” il titolo del convegno organizzato oggi a Milano dall'omonimo osservatorio, (nato nel 2003 per volontà della Fondazione Cassa di Risparmio di Biella e del centro studi Etnica) con l'obiettivo di studiare le potenzialità delle nuove banche della cosiddetta società meticcia. Un benvenuto, quindi, ma per ora soprattutto un'occasione, ormai alla settima edizione, per riflettere sulle potenzialità di un settore ancora in fase embrionale, quello dei servizi bancari e finanziari per gli immigrati e, più in generale, per le diverse “minoranze” che compongono il quadro della “società meticcia” ...

"Il Forum di Roma. W la finanza islamica. L'Italia si affaccia su un mercato in espansione", 21 October 2010 - Interview to A. Brugnoni on the importance of the event organized by ASSAIF and ABI in Rome

Il 22 ottobre è la data che probabilmente segnerà un importante passo avanti nell’avvicinamento dell’Italia alla finanza islamica, terreno strategico cruciale dell’economia globale. L’Abi, associazione bancaria italiana, chiama a raccolta i decision maker nazionali. L’occasione è il forum internazionale Making islamic finance: how and why di Roma, a Palazzo Altieri ...

Alberto Brugnoni, "A Shariah-Compliant Microfinance Fund: A Much Needed Tool for The Accomplishment of Islamic Economics’ Goals", September 2010.

Islamic finance is currently experiencing a critical developmental issue with the growing divergence between the aspirations of Islamic economics and the realities of the industry. Rather than being part of the Islamic political economic thought, Islamic finance has been pursuing policies away from the theoretical underpinnings of Islamic economics and has located a surrogate financial framework in neo-classical economics.

“Islamic Finance is not the exception, but the rule of normal financial behaviour”, Sept 2010 - Interview with A. Brugnoni on Islamic finance in Europe and Italy and the launch of the first Islamic microfinance fund

Here, Dr. Brugnoni speaks with Global Islamic Finance Magazine about why the Summit was such a big success, his work with Islamic microfinance, and the state of the Islamic finance industry in Europe ...

Elena Dini, "Nessun esclusivismo nella certificazione halal", 30 June 2010 - Interview with Hamid Distefano founding member of Halal Italia at the signing of the Interministerial Convention in support of the initiative

Hamid Abd al-Qadir Distefano, membro fondatore di Halal Italia, marchio di certificazione halal lanciato dalla CO.RE.IS. a marzo del 2009, risponde alle domande di Minareti.it dopo la firma della Convenzione interministeriale promossa dai Ministeri degli Affari Esteri, dello Sviluppo Economico, della Salute e delle Politiche Agricole il 30 giugno 2010 a sostegno dell'iniziativa Halal Italia

"Альберто Бруньони: Россия не может игнорировать исламские финансы", 6 May 2010 - Interview to Alberto Brugnoni co-chair of the Russian Islamic finance summit to be held in Moscow on 26-27 May 2010

26-27 мая в отеле «Ренессанс Москва Монарх Центр» в российской столице состоится форум «Исламские финансы и инвестиции», сопредседателем которого выступит исполнительный директор Ассоциации развития альтернативных и финансовых инноваций (ASSAIF) Италии Альберто Бруньони. С экспертом побеседовал IslamRF.Ru ...

Глава ASSAIF Альберто Бруньони: «В Италии единое поле для традиционных и исламских финансовых продуктов уже стало реальностью» - Interview to A. Brugnoni

Председатель правления итальянской некоммерческой организации ASSAIF АЛЬБЕРТО БРУНЬОНИ прибудет Москву, чтобы выступить сопредседателем форума «Исламские финансы и инвестиции» 26-27 мая 2010 года. В интервью ИА «DV-NEWS» он рассказал о развитии исламского финансирования в Италии, проблемах сочетания шариата и европейского законодательства, а также о влиянии исламских коммерческих организаций на интеграцию европейских мусульман.

CGAP, Deutsche Bank, Islamic Development Bank, Grameen-Jameel, "Islamic Microfinance Challenge 2010: Innovating Sustainable, Scalable, and Market-Driven Models", March 2010 - Press release

The contest is a joint initiative to promote the innovative design of Shariah-compliant products for Islamic microfinance clients

Alberto Brugnoni, "Managing microfinance", March 2010 - Article on the unresolved issues that have created a gap between demand and supply of Shariah-compliant microfinance products

In all Muslim countries, Islamic microfinance accounts for a very small portion of the country’s total microfinance outreach, never exceeding 3% of the outstanding loans. Conventional microfinance products command in the same countries a market share of around 44% ...

"Coalition of Islamic and Christian Groups Announce Launch of Usury-Free Association of North America", 26 Feb 2010. Joint initiative between Islamic and ethical finance in Canada

A coalition of Islamic and Christian groups today announced the creation of a new association devoted to promoting usury-free finance. The Usury-Free Association of North America (UFANA) is a non-profit national organization representing institutions, businesses and individuals in North America who operate in a usury-free environment. Its mission is to enable these institutions, businesses and individuals to connect and further develop the usury-free industry in North America. The founding members of UFANA are Guidance Financial Group, UM Financial Group, frontierAlt Capital, An-Nur Cooperative and the Family Life Foundation

Maria Buonsanto, "L'Italia sperimenta il mutuo islamico", 28 December 2009. Interview to Filippo Bellavite Pellegrini and Alberto Brugnoni on the need of fiscal updates to allow Shariah-compliant real estate transactions in Italy

Su 3,5 milioni di euro di finanziamenti casa, 350 mila sono richiesti da cittadini stranieri. Il 10% del totale dei mutui casa fa, quindi, capo a immigrati È questa la stima emersa da una ricerca condotta dall'Abi (Associazione bancaria italiana). Una cifra consistente, che segna la rilevanza di questa fascia di clientela e la sua “maturazione” in termini di bisogni finanziari. Il continuo incremento del numero di stranieri e la progressiva e crescente integrazione nel tessuto sociale, economico e imprenditoriale delle diverse etnie, hanno un importante riflesso in termini di domanda di bancarizzazione e di prodotti finanziari

"Generali punta a polizze islamiche - Trieste ha allo studio una joint venture con la Qatar Islamic Bank", 23 December 2009. Development of takaful products from the world's second largest life insurance company

... l'amministratore delegato di Generali Sergio Balbinot, commentando l'avvio dello studio, [ha] attribuito una «valenza strategica» all'area dei prodotti takaful. Un quarto della popolazione mondiale - ha sottolineato è di fede mussulmana e il 60% di questa ha un'età inferiore ai 25 anni. «Questi paesi producono il 23% della ricchezza generata nelle aree emergenti ma hanno indici di diffusione assicurativa contenuti»

Evgeny Arabkin, "Лекарство от жадности", 4 December 2009. Interview to Alberto Brugnoni at the "Vth International Seminar-Conference «Private Banking - 2009»" Moscow 29-30 September

Нашим сегодняшним проблемам примерно два десятка лет. Что-то нарушилось еще в сере-дине 1980-х. Я начинал в 1980 году в Merrill Lynch, в те времена UBS имел строгое предписание ни при каких обстоятельствах не инвестировать во фью- черсы. А сегодня мы читаем в газетах, что UBS поте-рял десятки миллиардов на необеспеченных займах. За несколько лет ментальность поменялась даже в так называемых консервативных швейцарских банках

Alberto Brugnoni, "Back to Basics. The Case for the Gold Dinar and Islamic Complementary Currencies", November 2009 - Article on the need for Islamic finance to rethink the role of money

According to the Sunnah, money must possess an intrinsic value, i.e., the value of the money, whatever that value might be, and regardless of changes in value that might naturally occur, is stored within the money, and thus is immune to arbitrary external manipulation and devaluation, the standard being precious metals or commodities that are consumed regularly as food

"Gli affari d'oro della finanza islamica", 16 November 2009. The article takes its cue from the recent seminar held at the Bank of Italy to give a fresco of the activities of Islamic finance in the last year

The article emphasizes the absolute necessity for the country to make the necessary legislative changes to accommodate in Italy Shariah-compliant transactions

Press release of the Italian Ministry of Foreign Affairs about the seminar on Islamic finance and closing statement of the Italian Minister of Foreign Affairs Mr Frattini, November 4, 2009

The statement of Minister Frattini stresses the importance of knowing the tools of Islamic finance for the strategic positioning of Italy in the MENA and GCC region

"Con la finanza islamica l'etica entra dentro il sistema bancario. Matranga (Ubae): un progetto come quello del Ponte sullo Stretto di Messina potrebbe essere finanziato con l'emissione di Sukuk dal governo italiano", 2 November 2009

Article on the possibility of financing the bridge that could link Calabria to Sicily by drawing funds from the Gulf

"Malta Institute of Management events put Islamic finance, tax, risk under spotlight", 1 October 2009 - Article on a 5-day event that sees Alberto Brugnoni and some of the top actors of Islamic finance sharing their views in Malta

A five-day event focusing on Islamic Finance in a European Financial Services Network will be held from October 12 to 16, in collaboration with the Malta Employers’ Association and the Malta Union of Bank Employees ...Speakers include Mohamad Nedal Alchaar, considered to be the world’s eighth most influential Arab and a frequent advisor to French President Nicolas Sarkozy; Oliver Agha, managing partner of a Dubai-based Shariah-compliant law firm; Ahmad Nazmi Camalxaman, a manager at CIMB Bank Berhad of London, ASSAIF Italy president Alberto Brugnoni, and Abdullah Al Shami, a professor at the Petroleum Institute in Abu Dhabi

"Nei Paesi arabi una liquidità enorme. L' Italia potrebbe sfruttarla emettendo «sukùk»", 24 July 2009 - Article on the need for the issuance of a sovereign Sukuk in the interest of Italian strategic role in the Mediterranean region

L' esempio britannico Sul modello inglese si potrebbe creare un comitato con rappresentanti del Tesoro, Esteri, Interni, Abi e Bankitalia, accanto a esponenti della comunità musulmana

"Campaigners in London and New York call for return of usury laws", 20 July, 2009 - Imams, rabbis and priests join a campaign in London and New York for the return in the United Kingdom of usury laws

Bankers in London and New York will be targeted this week at the launch of a new transatlantic campaign to reinstate historic usury laws restricting the interest rates charged by loan sharks and credit card companies. Usury is deplored in the three great Abrahamic faiths. In his encyclical letter last week, Caritas in veritate, Pope Benedict XVI said that the weakest and most vulnerable members of society "should be helped to defend themselves against usury"

Alberto Brugnoni, "Takaful and conventional insurance", May 2009 - Article on the need to structure alternatives for the asset management of Takaful companies

The risk-reward relationships that govern the investment decisions of Takaful companies and their conventional counterparts are similar as both groups insure their participants against the same kinds of risks with the additional constraint for the Takaful companies of Shariah-compliance. It is also true that Takaful companies, like conventional insurers, have fiduciary responsibilities vis-à-vis their customers similar to those of a quasi-trust.

"Takaful in Europe: A fertile ground", June 2009 - Alberto Brugnoni on synergies between Takaful, cooperatives insurance and mutual insurance in the EU

The expansion of takaful may be more dramatic in Western Europe than in the traditional markets of Middle East and East Asia, provided the right products and regulatory balance can be found ... The expansion of the takaful industry has been a growing feature of the insurance landscape in recent times. While the initial phase was dominated by domestic operators in Sudan, Malaysia and the Middle East, the latter stages of growth has enticed big conventional insurance and reinsurance providers – Allianz, Munich Re, Swiss Re etc – to enter the takaful fold ...

Elena Dini, "Finanza islamica: ancora tanto da fare". Interview with Alberto Brugnoni at the European Forum of Islamic Finance held in Milan on 12 and 13 May 2009 and organized by ASSAIF

Il forum si occuperà di strategie per una migliore armonizzazione tra i diversi sistemi finanziari ed economici in relazione alla finanza islamica

"Una banca islamica in Italia? 'Italia in ritardo psicologico'', 12 May 2009 - Alberto Brugnoni, president of Assaif, speaks on the need to develop this sector

Le leggi islamiche, rispettose della Sharia, avrebbero impedito alle società di ''mettere fuffa nei loro bilanci''- È ancora presto per parlare di una banca islamica in Italia. Sia perché da parte dei musulmani presenti nel nostro Paese (circa 1,5 milioni di persone, ndr) non c'è ancora interesse per questo tipo di prodotti, sia per mancanza di attenzione da parte gli organi di governo del settore bancario "Eppure l'Italia è il primo esportatore al mondo con i Paesi "Mena", dal Marocco allo Yemen, e con i Paesi del Golfo. Per questo non può ignorare lo sviluppo della finanza islamica - commenta Alberto Brugnoni, presidente di Assaif, Associazione per lo sviluppo di strumenti alternativi e di innovazione finanziaria

Alberto Brugnoni, "Smoke signals", May 2009 - Article on the need for Islamic finance to develop tools to implement the Koranic dictate on the defense of environment

The Islamic approach to the environment is for the believer not to consider nature as a deity but at the same time not to tamper with or spoil it. The recommended relationship is one of harmonious benefit and use and a reverent, view and protective outlook towards other creatures and aspects of God’s creation ...

Imane Barmaki, "Finanza islamica: l'Italia è ancora in ritardo rispetto a Gb e Francia". Report on the first European meeting of Islamic finance held in Milan in May 2009 and chaired by Alberto Brugnoni president of ASSAIF

Allo European Forum of Islamic Finance di Milano si parla di un'Italia in netto ritardo rispetto alle vicine Francia e Gran Bretagna e che ha bisogno di concentrarsi sulle politiche e sull'applicazione delle leggi nel campo della finanza islamica

Alberto Brugnoni, "Women in Islamic Finance", May 2009 - Article on the rediscovery of the historical roots of the role that women play in Islamic finance

In today’s Muslim world, the social and political arena is rife with endless debates about restrictions on women's activities outside the home, discrimination, inequality in education and career opportunities and lack of recognition for their work. This conveys the impression that financial and economic rights for women are restricted at the origin by divine law and that Muslim women have been segregated, since the dawn of Islam, into a subordinate role in their financial affairs ...

Jeremy Harding, "The Money that Prays", 30 April 2009 - Dispassionate analysis on Islamic finance and its role, more incisive than the arts or the media, in creating a multicultural society

Last September, as dust and debris from the tellers’ floors began raining onto the empty vaults below, a note of satisfaction was sounded by bankers in the Arab world. Financial institutions sticking to the tenets of Islam, they announced, were largely immune from the debt crisis. Devout Muslims may lend and borrow under certain conditions; they can even buy and sell debt in the form of ‘Islamic’ bonds, but most other kinds of debt trading are frowned on.

"Dalla finanza islamica proposte e idee per un Occidente in crisi", March 2009 - The alternative mechanisms for credit based on an ethical code in an article of the Vatican daily

È necessario ricordare come, alla fine del xix secolo, i sostenitori dei principi e i cultori della finanza islamica abbiano espresso ripetutamente il malcontento verso la penetrazione del capitalismo nei Paesi musulmani. Parecchie fatwa sono state pubblicate per ribadire come le attività basate sull'interesse della banca dei "colonizzatori" fossero incompatibili con la shar'ia. Tuttavia le sole banche presenti nel mondo musulmano erano l'espressione di istituzioni occidentali e le popolazioni di fede musulmana hanno dovuto utilizzarle nonostante dal loro punto di vista si trattasse di entità non ammissibili e basate su attività proibite dalla legge religiosa vigente, che permea il tessuto socio-economico di questi Paesi ...

Alberto Brugnoni, "Here comes the Sun", December 2008. Article on the strategies and policies of the Sovereign Funds seen from the inside

In 1976, in a world much less open, LAFICO the Libyan government’s bank and precursor of the Libyan SWF, became a shareholder of Fiat, at that time in dire straits. Regeb Misellati and Abdullah Saudi were given two seats on the executive board and proved friendly and competent administrators. Ten years after, Fiat was again flourishing - the strategic vision of Giovanni Agnelli was vindicated and Libya cashed in an extraordinary gain ...

"La crisi fa riscoprire la banca islamica", November 2008 - Analysis that describes ASSAIF's role in the Italian Islamic finance

Mentre le aziende di credito e le istituzioni finanziarie occidentali attraversano una fase di pesante ristrutturazione e si interrogano sul futuro, le banche islamiche crescono con tassi di sviluppo a doppia cifra. La gravità della crisi finanziaria ed economica mondiale, l’incertezza sulle prospettive, la necessità di modificare i modelli di business e una diversità così marcata nelle condizioni operative rendono urgente la necessità di confrontarsi in modo più approfondito con questo fenomeno ...

"The European Opportunity", October 2008 - The article mentions the role played by ASSAIF in promoting Islamic finance in Italy in the broader context of Islamic finance in Europe

Islamic Finance made its entry into the European financial arena through the advent of Shari’a-compliant home finance propositions launched in the UK between the early to mid 90’s of the 20th century. Since then, the industry has become stronger and stronger every day in the UK which now has six authorised fully-fledged Islamic banks and a Takaful company operating in the country with more than a handful of conventional financial institutions offering an ever-increasing range of Islamic products to their clientele. But how does this enviable momentum compare with the rest of the European markets?

Alberto Brugnoni, "Ancient values creeping back into the European economy", October - December 2008 - Article on the reasons of the development of Islamic finance in Europe

Demand for finance based on Islamic religious principles has been skyrocketing across the globe for years originally driven by demand from HNWIs and institutions in the Middle East - typically a reallocation of oil-derived wealth into Islamic products. This is hardly surprising considering that approximately one person in four in the world is Muslim. This has also meant that both the need for halal investment opportunities has grown as well as the desire to finance them in accordance with Shariah principles ...

Alberto Brugnoni, "Shariah governance at work: from asset-based to asset-back Sukuk", November 2008 - Article on the evolution of Sukuk structures and on the Islamic governance

In November 2007 a renowned Shariah scholar issued a statement on the illegitimacy of those outstanding Sukuk issues underpinned by repurchase agreements (the so called Purchase Undertaking Deed) and where, as a consequence, risk and reward are not shared according to the actual venture proceeds. He vowed that it was time to review standards ...

"Costs and opportunities of the Islamic finance in Italy", November 2008 - Analysis of the Italian intelligence services

The Arab world has always paid great attention to the Italian economy, as various important investments document. However, this propensity has not shown aspects of continuity due to the well-known reasons of structural rigidity which characterize our national State-System ... Powerful limitations are also derived from the credit-financial system support for the scarce internationalization of the Italian system. In perspective, this latter criticality could be accentuated by the growing demand, in the financing of the Arab investment, of technical particulars tied to the respect for the Islamic religion ...