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	THE EXPERTS' VIEW
		May 2007 - Calyon's expertise in Islamic banking Calyon has been active in Islamic banking since as early as in the mid-80s, offering Murabaha (deposit taking) and set up a dedicated Global Islamic Banking Department team in 2004. Based in Bahrain and under the direction of Simon Eedle, the team covers a variety of products for corporate and institutional clients and offers financing and capital market products, investment and hedging vehicles, as well as retail investment and insurance products. Our expertise in Islamic banking is already recognized by customers, peers and the financial market: in 2006, Calyon received two "Murabaha Deal of the Year" awards from Euromoney and Redmoney, for the USD 1.2 billion financing package on behalf of Mobile Telecommunications Company of Kuwait (MTC).

What is Islamic banking? A promising future Islamic banking principles Islamic structures

What is Islamic banking?

Islamic banking refers to banking activities consistent with Islamic law ("Shariah") and guided by Islamic economics. Islamic finance aims to be the ethical and equitable mode of finance that derives its principles from Shariah law.
The Shariah is based on the following:

• the Quran,
• the Sunna : the teachings and practices of Prophet Muhammad and interpretations of the Quran,
• the Ijma : consensus of scholars,
• the Qiyas : analogical reasoning when the answer to a question is not in the Quran or in the Sunna.

• Sheikh Nizam Yaquby,
• Dr Abdul Sattar Abu Ghuddah,
• Dr Mohamed Elgari.

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Islamic banking principles

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• Financing

• Capital Markets

• Private Banking

• Insurance

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A promising future

Islamic finance is evolving and an ideal source of investor diversification. It will globalize over time. "There is strong demand from Islamic investors for more Shariah compliant products and we at Calyon are at the core of this development" explains Simon Eedle, head of Global Islamic Banking.

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