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The French parliament passed a law on Thursday which will facilitate the issuance of Islamic bonds despite opposition from leftist parties.

The adoption of the law, which was voted in by the Senate, or upper house of parliament, on June 9 modifies the legal framework for what is known as "fiducie", the French equivalent of trust in the United Kingdom.

In theory, this should facilitate the issuance of Islamic bonds, also known as "sukuk", although the government has been working on an alternative tool for issuing such debt, which could involve further legal measures.


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