Although Islamic Finance is already a reality in several countries, which are not Muslim majority ones, Brazil has not paid attention to the possibilities that Islamic Finance can have in fostering its economy. However, it seems that times are changing regarding Islamic Finance in Brazil.
As informed by the Brazil-Arab News Agency, in an online event – the Halal Roadshow – hosted by the Brazilian Halal Academy, senator Jean Paul Prates mentioned that he had requisitioned on April 14 a public hearing at the Senate’s Commission on Economic Affairs to discuss the creation of a legal framework for Islamic Finance in Brazil. Participants in the public hearing would be, among others, representatives of the Brazilian Central Bank, the Securities and Exchange Commission, and the Federal Revenue Service.
Senator Prates believes that the creation of this legal framework will entail relevant changes in the Brazilian legal scenario, including new legal institutes, creation of new task for regulatory agencies and bodies. The Senator has also added that there had been talks with the president of the Federation of Muslim Association in Brazil.
It is also worthwhile mentioning that Arnaldo Jardim, a Federal congressman, who chairs the consulting board of the Brazil-Arab Parliamentary Front, made himself available to advance the matter at the Chamber of Deputies together with congresswoman Ângela Amin, who is the first vice-president of the group.
During the Halal Academy event “Islamic Finance – Business Opportunities”, speakers said that regulation about Islamic Finance could be, of course, an important tool in attracting Islamic investors.
Now, it is time to monitor the developments of this initiative that can only bring benefits for the Brazilian economy, as well to Brazilian entrepreneurs and consumers.
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