New resistance to Islamic finance in France

PCF (French Communist Party) member André Gerin has addressed a letter to François Fillon against changing laws to allow “Shari’a compatible” Islamic banking in France, claiming that accommodation is not appropriate and that this new banking calls into question “democratic and republican values.”

Le Monde reports that two laws which would have allowed for greater facility of Islamic banking have been censured in parliament. Two French banks, BNP Paribas and Calyon Crédit Agricole are already open in the Gulf States.