Brazil Toys with Idea of Islamic Stock Market and Banking System

    Brazilian Bovespa

    Brazilian Bovespa This Monday, December 8, Brazil's Securities and Exchange Commission (SEC) and the Securities, Commodities and Futures Exchange (BM&FBovespa) promote, in São Paulo, the seminar "financial and capital markets in the Islamic world: opportunities and challenges".

    According to the event organizer, José Alexandre Vasco, Investor Protection and Guidance supervisor at the SEC, the objectives are to inform the Brazilian market of the characteristics of the Islamic financial system and debate the possibilities of adopting operations of this nature in Brazil.

    "We started preparing this seminar early this year, when the current crisis was not yet at its strongest. The moment now is appropriate, as the system may signal a market alternative for attraction of foreign investment," said Vasco.

    Ever since the worsening of the crisis in August, Brazilian capital markets have been suffering with the outflow of traditional foreign capital.

    Among the speakers is Angela Martins, a specialist in the matter and director at ABC Brazil Bank, the Brazilian subsidiary of the Arab Banking Corporation (ABC), headquartered in Bahrain. Angela wrote a book on the matter and has already worked on structuring Sharia operations, following the rules and customs that follow Muslim precepts.

    The seminar should also include representatives of institutions that operate in this market, like HSBC – a bank with great presence in the Middle East, the region to be the object of analysis -; the market regulator in Malaysia, where the sector is being promoted; organizations in the United Kingdom, a western nation that is the pioneer in adoption of the Islamic system; and public and private organizations from Brazil, among others.

    According to Vasco, the SEC has been promoting seminars of interest to the market since 2006, when the Center for Studies of Capital Markets was established within the organization. The event on Monday should be the fifth in the series and the theme was chosen by the professionals and sector institutions themselves.

    Among the questions to be debated are the possible changes necessary in the Brazilian legislation for Islamic products to be released in the country. That is where the importance of learning about the experience of the United Kingdom lies, as it may be adopted in Brazil.

    "One of the possible results of the seminar is the decision of studying the matter further, with changes in the legal order to simplify greater development of this kind of operation," said Vasco.

    The presence of representatives of different sectors connected to the market, like regulators, stock markets, banks and consultancy companies, according to him, should guarantee that the discussion will not be too focused.

    To the superintendent, however, the lack of Islamic banking products in Brazil is more due to lack of concrete information than due to regulatory bars. This is a deficiency that the seminar hopes to overcome.

    Anba

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    • Show Comments (9)

    • dnbaiacu

      Yes Augustus something IS happening.
      And it is going to be mind boggling. 😮 😮
      What’s even crazier as the Brazilian at large are oblivious to it all. 😥 They are clueless.
      Well, all we can do is see how this plays out. 😉

    • dnbaiacu

      This is Brazil
      [quote]Do you mean that if the government paid very little interest the money would shift to companies and entrepeneurs who would pay a higher interest rate? [/quote]
      “Savers’ will save regardless. They understand capitalism and the system will continue to reward them.
      BUT
      Brazil is so corrupt that it has to lure people into saving with high interest rates , due to historical currency collapses and freeze ups. Who keeps all of their money in the bank in Brazil????!!!! 😀 😀 😀
      BUT
      High interests rates aren’t good for entrepreneurs that ultimately create JOBS/COMPANIES to stimulate growth and wealth..
      In short,, Brazil has to build up TRUST. Not likely if it can’t minimize the level of corruption in its highest offices.
      Brazil plays too much. It’s leaders are infantile. Why do you play with peoples money in front of the camera and wish so desperately to be TAKEN SERIOUSLY?!
      Give me a break! 😥

    • João da Silva

      Augustus
      The author of this article Mr.Rocha has published another interesting article in the following link:

      [url]https://www.brazzil.com/articles/198-november-2008/10139-how-brazil-can-profit-from-us-80-billion-rich-islamic-bonds.html[/url]

      In case this thread is made to disappear by the vengeful editors, I suggest we go to the other site.

      Cheers

    • João da Silva

      Augustus
      Part 2 of my reply,

      As for my “Liberal” views, they are just pragmatic and similar to the ones expressed constantly by Ch.C on Arabs. Brazil needs investment from overseas to develop its infrastructure. Currently the Spaniards are in the North and Northeast building toll roads. If they can be interested to invest, why not wealthy Arab countries? Business is Business. Do you remember that 2 years ago, sate owned Port Authority of Dubai bought a Brtish Company that operated some ports in the East Coast of U.S. and GWB approved the sale? However, the Senate scuttled the deal. We need money and the Arabs have it. That is the reason why we are getting cozier with that part of the world. The big question is whether we will get their Petro Dollars to finance our PAC,PAS,PAP, etc? If not, who else will lend us?

      In short, no money, no mosques. No mosques, no minerets nor Muezzin. Without these 4 Ms, no 5th M either, 5th M being Mujahideen :D. Our ladies can continue walking on the beaches in their “normal attire” to the delight of our friend ASP, who must be breathing a sigh of relief after reading my comment. 😉 😉

    • João da Silva

      Augustus
      [quote]JOAO – Would you care enlightening us with some additional “liberal” views on this topic, where you might perhaps discount the reason for raising any flags? What events will suffice for Red Flags to be raised within your À¢€œrosy worldÀ¢€Â of tolerance and human brotherly love? Perhaps when Mosques are built in Avenida Paulita (SP), Avenida Atlantica (RJ), or Quadra Sul (DF)?[/quote]

      I know that you are very anxious to dig my mouth and listen to some opposing views. I will answer not only to this question but also to the comments you made regarding the Palestine issue in the other article.Of course, I do remember that you were a witness as well as a victim of the terrorist attack on 911 and this did indeed hardened your views on Arabs and Islam.

      First about the “Creation of a Palestine state” (that article vanished):

      Although you and Dnb have exchanged interesting comments to which I have not much to add, I would like to mention an additional factor:

      [quote]Despite my enormous admiration for the British Empire, I blame Whitehall for this unsolvable dilemma, because Her MajestyÀ¢€™s government should never have exited the region, leaving behind the explosive seeds of an irreconcilable dispute that was further exacerbated by the inconsistent policies of its colonial administration. The United Kingdom should, therefore, have remained the À¢€œGeneral Overseer of the Palestinian TerritoriesÀ¢€Â (in order to enforce the Israeli-Arab partition to which neither side could ever acquiesce), while ceding Jerusalem (and its surrounding area) to an unprecedented United Nations administration. In fact, in order to consolidate this new À¢€œinternational controlÀ¢€Â the UN Head Quarters should have been established in the very center of this ancient, divided city, which would automatically become open to worshipers of any creedÀ¢€¦
      [/quote]

      I would certainly not put the blame just on the Whitehall nor the reason being “Oil” for creating a Jewish state of Israel. It was done both by the Brits and Americans for strategic purposes. The “Cold War” really began at the end of WW II.The objective was to set up a forward military base closer to the Soviet Union as well as to protect the Anglo American investments (in Oil fields).ie DnbÀ‚´s favorite “Two Horned” beast continued exercising and expanding its power over rest of the world . Lets not forget that after Israel was created (Only democracy in that part of the world, as the Arab world is still one way or another ruled by the “Caudilhos ” spend thrift Kings, Sheiks, Princes, etc; who really do not give much importance to their subjects), the influence of U.S and Britain really increased in important oil producing countries.As for the displaced Palestines, they are just “collateral damages”. Now there is a talk of a separate Palestine State and this is very laudable. But…But…. even if it is created, there will never be a permanent peace between the two countries.The Palestine will be a weak state without a stable democarcy and Israel playing the role of big brother (Like India and Pakistan).

      Now we come to the second part of your comment which questions BrazilÀ‚´s “Growing Relationship” with the Arab world and your fear of Mosques being built in SP,Rio and DF and Islamic terrorists invading our Glorious Republic trying to convert all of us to Islam, forcing our women to wear Chador while sunbathing on the beaches (LOL). In case you forgot, we do have a very large Jewish community as well as immigrants from Muslim Middle East. There are synagogues and Mosques, like we have Catholic Churches, Lutheran Churches, etc. While I do not know the name of the Chief Mullah of the Islamic community in Brazil, the Rabbi is well known. IMHO, right now growth of Evangelical churches far outweigh that of Synagogues or Mosques.In fact during the past 25 years, they converted Movie theaters into Churches, besides building brand new ones (providing jobs for their followers in construction companies). While talking to some of the members of these churches, one could easily make out that they are as fanatical as the fundamental Muslims .(Part 1)

    • Augustus

      JOAO – ADDITIONAL REMARK ON THIS EXCEEDINGLY DISAGREEABLE TOPIC!
      This absurd flirtation between Brazil and the Islamic World, in the very least, makes feel relieved for having departed the Mother Land LONG AGO.
      I could NEVER tolerate life where Minarets make prayer calls for the fanatical masses…
      I REST MY CASE!

      Minaret = a tall slender tower attached to a mosque, from which the muezzin calls the faithful to prayer
      🙁 😥

    • Augustus

      JOAO / DNB – WHAT HAVE I BEEN WARNING YOU – REPETEDLY – ACROSS VARIOUS THREADS OF BRAZZIL.COM? That’s how infiltration gets started…
      WELL WELL WELL
      Quite frankly, i’m all astoshment, and quite frankly, SPEECHLESS! 😮

      Conceivably, the speaker – Ms. Angela Martins – within a few years following the implementation of this absurd, dangerous plan, would be wearing full Chador (a dark traditional garment worn in public by Muslim women that covers almost all of the head and body)
      [quote]Among the speakers is Angela Martins, a specialist in the matter and director at ABC Brazil Bank, the Brazilian subsidiary of the Arab Banking Corporation (ABC), headquartered in Bahrain. Angela wrote a book on the matter and has already worked on structuring Sharia operations, following the rules and customs that follow Muslim precepts[/quote]
      [i][b]JOAO – Would you care enlightening us with some additional “liberal” views on this topic, where you might perhaps discount the reason for raising any flags? What events will suffice for Red Flags to be raised within your À¢€œrosy worldÀ¢€Â of tolerance and human brotherly love? Perhaps when Mosques are built in Avenida Paulita (SP), Avenida Atlantica (RJ), or Quadra Sul (DF)?[/b][/i]
      🙁

    • Fernando

      Sorry, I don’t understand your idea. Why would one want his money being remunerated at zero interest rate? Do you mean that if the government paid very little interest the money would shift to companies and entrepeneurs who would pay a higher interest rate?

    • ch.c.

      Islamic financial system and debate the possibilities of adopting operations of this nature in Brazil.
      You should then first….GIVE ZERO INTERESTS RATES TO YOUR INDIVIDUALS SAVERS AND PENSIONS FUNDS !
      And not the World Highest Interests rate…after inflation….as is actually the case !
      This would lower the borrowing costs of your Government, your entrepreneurs and companies !!!!
      More money could then go for your… GENERAL INFRASTRUCTURE !

      But in Brazil there is always the talking….and the doing ! Always with 180 degrees…contrary results !

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