Islamic Bonds and Real Estate Securitizations: The Italian Perspective for Issuing a Sukuk

The research looks at the possible advantages of which Italian companies and public entities could benefit looking at Islamic finance as a viable alternative to conventional finance, in a context characterized by a growing presence of Islamic citizens throughout Europe and Italy and by increasing interest in investing in Italy by Islamic investors. The research investigates the possibility for an Italian entity (corporate or sovereign) to issue a sukuk with a national real-estate underlying, under the current legal, fiscal and technical framework. The aim is to concretely contribute to the awareness about the opportunities that Islamic finance could bring with it and to promote fiscal, normative and regulatory obstacles removal, in order to create a level playing field-as the United Kingdom did-that would allow Islamic finance to develop also in Italy.