Islamic finance may offer anti-crisis potential for Italy

Book presented in Milan calls for more attention to area

25 March, 17:50

    Islamic finance may offer anti-crisis potential for Italy Islamic finance may offer anti-crisis potential for Italy

    (ANSAmed) - MILAN - Islamic finance is an ''unknown opportunity for Italy'' and may serve as a driving force for growth of an economy that has not yet managed to leave the international economic crisis behind.

    This is the view expressed by Maurizio Guandalini and Victor Uckmar, authors of the book 'Gulf&Med. Il Mercato, gli Investimenti e la Finanza Islamica. Hub Italia, Business per la Crescita' ('Gulf&Med. The Market, Investments and Islamic Finance: Italy as a Hub, Business for Growth') presented on Wednesday in Milan at a seminar organized by the ISTUD foundation. The authors of the book estimated that Gulf nations will rake in 18 trillion dollars in oil revenue by 2035, money that could be invested by the states - through sovereign wealth funds - in ''goods, products, services and technology'' that Italian firms are able to provide.

    The problem is the asymmetry of information between Italy and Gulf states. The latter have shown that they are aware of the value of Italian products. In Italy, on the other hand, there is ''paranoia and inaccuracy'', and Islamic finance is virtually unknown. Rival nations such as Great Britain employ an entirely different approach. London mayor Boris Johnson recently said that he was proud that ''there is no other global capital challenging London's position as the eighth emirate''.

    (ANSAmed).

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