Finanza islamica in Italia - caso studio sulla fattibilità della prima emissione di Sukuk

This dissertation's aim is to assess a possible issuance of Sukuk by an Italian public body. Sukuk is the plural of Sakk: a financial instrument used in the Islamic world. There are currently 1.6 billion Muslims in the world. It is a significant amount of people who have to face the need of growing capital allocation. By studying Islamic finance in depth, and by adapting its laws in terms of banking and taxes, The Italian State could finance projects in accordance with the Sharia laws and benefit from this. First of all, it is necessary to introduce the size and spread of Islam in the world, to analyze how religion influences a believer's economic life, and to assess which are the alternatives to Western financial instruments and their growth trend. The most efficient way of reaching the pre-established objective is to analyze the first case of Sukuk issuance by a non-Muslim country. London is a pioneer and the European heart of the Islamic debut in sovereign debt. Starting with this case study, the dissertation will then assess the feasibility of an hypothetical project funded by a Sharia-compliant governative instrument in Italy. In order to make it possible, it is necessary to raise awareness among the legislators and the governative bodies so that they remove all the bureaucratic obstacles and the fiscal barriers, which stop the market from being competitive and open to dialogue with the Islamic world. One hypothetical solution would be to emulate the UK and adopt a ¿no obstacles, but no special favours¿ principle, for what concerns traditional intermediaries. Then, the dissertation will theorize a major State infrastructural work's construction plan, which implies the need to choose first of all what kind of Sukuk to support it with and, secondly, what issuing practical process is best to use. The product's technical factors will be estimated according to real data, and the product's selling price will result from the project's evaluation. The last chapter will assess the collective benefits, as well as the investors' and the bank's benefits, and will be followed by a series of personal and objective conclusions.