Contenuti per la categoria: Finanza, economia e religione

The Supervision of the economic administration of the Roman Curia

ABSTRACT: This paper analyses the new system of supervision of the economic administration of the Roman Curia introduced by the Apostolic Constitution Praedicate Evangelium. Then, it focuses on the role that has been recently assigned in this area to the ‘Istituto per le Opere di Religione’ (IOR) and on that of the Vatican penal jurisdiction, both of which constitute highly innovative elements.

SOMMARIO: 1. Le fonti normative della riforma - 2. Gli organismi di vigilanza - 3. Le plurime tipologie di vigilanza - 4. Analisi del nuovo sistema di vigilanza sull’amministrazione economica della Curia Romana - 5. Il ruolo peculiare dell’Istituto per le Opere di Religione - 6. La duplicazione del sistema di vigilanza tra Curia Romana e IOR - 7. Aspetti positivi del sistema e sue criticità - 8. Vigilanza canonica e supplenza della giurisdizione penale vaticana - 9. Osservazioni conclusive.

Financing of the Holy See, transparency of destination and patrimonial administration

ABSTRACT: The essay analyzes the topic of the economic and financial management of the Holy See’s patrimony and in particular the reforms implemented during the pontificates of Benedict XVI and Francis which ensure greater transparency of financial operations. In carrying out its universal mission, the Church relies on transparent and efficient asset management. All those who manage the Church’s patrimony must administer it wisely, avoiding the performance of speculative operations in order to preserve the economic value of the assets, which are instrumental to all Church activities. Because of this, the Vatican judicial system has also been strengthened to prevent and eventually repress abuses in the management of ecclesiastical patrimony. It must be stressed, however, that, excessive garantism in the management of Vatican finances could risk hindering the Holy See’s activities. In this sense, the essay also reflects on the advisability of bypassing the ordinary system of financial transparency in peculiar circumstances in order to guarantee the Holy See’s evangelization activities.

SOMMARIO: 1. Introduzione - 2. La gestione finanziaria - 3. Le norme di gestione patrimoniale della Santa Sede: dalla Pastor Bonus alla Praedicate Evangelium - 4. Riflessioni conclusive.

Debt market transactions in the Islamic financial system:the case of sukuk

ABSTRACT: In recent years, the secondary market for sukuk has been booming with growth rates ranging between 10-12%. In this paper we intend to analyze the structure of investment certificates that comply with the rules and economic principles of the Shari'ah. The markedly legal aspects of this instrument are therefore highlighted, first outlining the general structuring of Islamic certificates, and secondly, analyzing the operational profiles of the different types of sukuk most widespread on the Shari'ah compliant market. Finally, the guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions on the subject are examined and the essential features of difference between the sukuk and conventional bonds are analyzed from a comparative point of view. The finale highlights the unexpressed potential of sukuk, recalling the best strategies for expanding Islamic investments. The primary objective is to raise the awareness of the relevant financial authorities, which appear disinterested in the Islamic financial market despite the resilience of this segment even during the Covid-19 pandemic.

SOMMARIO: 1. Il mercato Shari’ah compliant e le radici concettuali di un modello economico alternativo - 2. I sukuk - 3. Le varie tipologie di sukuk: sukuk al-ijarah, sukuk al-mudarabah, sukuk al-musharakah - 3.1. (segue) I sukuk e le principali regole in uso nella prassi giuridico-finanziaria - 4. Profili di incompatibilità tra i titoli obbligazionari convenzionali e la Shari’ah - 5. Quale futuro per il mercato dei sukuk(?) - 6. Notazioni conclusive.

SOMMARIO: 1. Osservazioni propedeutiche: la crescente rilevanza di un approccio metodologicamente propenso alla riconversione ambientale e alla solidarietà sociale - 2. Caratteristiche generali idonee a proporre le dottrine buddhiste come case study di precipua significatività - 3. Le tracce di una riflessione culturalmente orientata: l’eredità dei maestri canonici - 4. Gli insegnamenti del Buddha come principi di una taumaturgia giuridica interculturale - 5. L’astensione curativa: una nozione rafforzata di condotte omissive - 6. Un bilancio casistico: materiali di studio sui rapporti tra il buddhismo e le istituzioni statali - 7. Possibile conclusione a partire dallo stato dell’arte: il buddhismo tra dottrina, rito e habitus.

Sustainability and environmental transition: the legal Buddhist contribution

ABSTRACT: We are currently experiencing an increasing attention on the economic sustainability and the environmental issues. This process still merely seems a theoretical declaration because its concrete efforts are appearing weak and fragile. The aim of this essay is to underline the possibility of a better comprehension of those sets of problems by studying the spiritual and legal contribution of Buddhism: a not theistic axiology that implies a renewed approach to ecology and economics, able to determine methodological consequences even in the sphere of public law.

SOMMARIO: 1. Il discorso del Santo Padre Francesco (Santa Sede in senso proprio) ai membri dell’Assemblea Generale dell’Organizzazione delle Nazioni Unite - 2. La posizione della Santa Sede in senso lato e dei vertici della Chiesa italiana - 3. Odierne prospettive nella linea di lavoro politico - 4. La via africana sul debito - 5. Argentina e Fondo Monetario Internazionale (FMI).

Holy See and illegitimate debt. The path to the International Court of Justice (2015-2022)

ABSTRACT: This work offers a synthesis of the main steps of the process towards the International Court of Justice, accomplished over a seven-year period by the Holy See and the Cartel of jurists inspired by the Charter of Sant’Agata de’ Goti – Declaration on Usury and International Debt (1997). The starting point is Holy Father Francis’ speech at the United Nations General Assembly (New York, September 25, 2015), where the devastating deviations of speculative finance were condemned. Next, the points of convergence with the positions taken on the matter by the Italian Bishops’ Conference (CEI) are described, as well as today’s perspectives on debt and the International Court of Justice, in the line of political engagement, with regard to the Gentiloni government and the first Conte government. Completing the discussion is a report on what the author calls the African way on debt and an in-depth look at the differences from a recent wide-ranging initiative aimed at resolving the long-standing issue of the Argentine debt.

SOMMARIO: 1. Le implicazioni dell’emergenza pandemica sulla Costituzione economica nell’ottica del diritto ecclesiastico - 2. Enti ecclesiastici-religiosi e impresa sociale. Una lettura in parallelo attraverso la lente (dell’art. 1 e) dell’art. 41 della Costituzione - 3. Libertà di iniziativa economica, socialità dell’impresa e impresa sociale normativizzata - 4. Libertà di iniziativa economica, socialità dell’impresa e perimetrazione materiale del fine di religione e di culto - 5. Istanze (disattese) di liberalizzazione. Le pressioni della nuova realtà socio-economica e la garanzia dell'art. 20 Cost. - 6. L'incontro/scontro normativo tra ente ecclesiastico-religioso e impresa sociale. In particolare, il fine religioso-cultuale quale grande assente del d.lgs. n. 112 del 2017. Ragioni e ricadute disciplinari - 7. Il ramo impresa sociale dell’ente ecclesiastico-religioso civilmente riconosciuto. La confermata esclusione delle attività secondarie e strumentali dall’ambito applicativo del decreto - 8. Il regolamento del ramo e il patrimonio destinato tra oneri di conformazione e preservazione dell’identità religioso-confessionale dell’ente - 9. L’ipotesi (non così scontata) della costituzione di una impresa sociale autonoma e il tema (sottovalutato) della collocazione dell’ente ecclesiastico-impresa sociale nel mercato dei beni e dei servizi (sociali) - 10. Riassumendo. Nodi da sciogliere e soluzioni da indagare.

Religion and Economic Constitution. On the relationship between religious bodies and social enterprise

ABSTRACT: The paper focuses on the relationship between religious bodies and social enterprise, considering it as an important verification ground of religion’s place in the legal dynamics of the so-called Economic Constitution. Lights and shadows in this relationship are closely linked to the difficulties of State-Church concerted legislation on ecclesiastical-religious bodies, especially when compared to the constitutional protection of purposes of religion and worship (art. 20 of Italian Constitution).
 

SOMMARIO: 1. Premessa: l’Islam tra religione ed economia - 2. Dalla finanza al contratto islamico, tra vincolo e libertà: alla ricerca di una teoria generale dei contratti - 3. L’etica islamica dei contratti: divieto di ribà e divieto di ghàrar - 4. Operatività delle attività della banca islamica e contrattualistica commerciale Shari’ah Compliant - 5. I contratti di tipo partecipativo: “mudàraba” e “mushàraka” - 6. (segue) Tipologie di mudàraba - 7. Cenni conclusivi e prospettive future.

The Prophet's Economy: Islamic Finance and the Religious Foundations of Islamic Law of Shari'ah Compliant Contracts

ABSTRACT: The growing presence of Muslim believers in Europe has increasingly led to heated debates also at the doctrinal level. Legal and economic literature, particularly, has recently emphasised the importance that inclusive, effective and efficient financial regulation can have on the degree of integration of the Islamic communities present in non-Muslim contexts. Since the Shari'ah dictates a series of behavioural rules in different sectors of the believer’s life, the Koran and the narratives of the Prophet (hadith) offer a series of prescriptions also in economic matters. With the aim of outlining the religious and juridical reasoning of the so-called halal economic dimension, this paper first examines the economic principles of Islamic finance: the prohibition of ribà (interest), the prohibition of ghàrar (uncertainty) and that of maysìr (speculation). It then provides a recognition aimed at finding a general theory of Islamic contracts. Finally, it reconstructs the discipline of the mudàraba and musharàka participatory contracts. These two forms of contracts represent a product of Islamic finance widely used in banking-financial practice and considered by Islamic legal schools to be totally in conformity with the Word of Allah. They are therefore instruments of comparison particularly interesting as well as useful for the Italian legal system. They can represent a flywheel for the integration of Muslims in the social fabric, and at the same time, an antidote to the unstable European economic panorama.

SOMMARIO: 1. Breve premessa – 2. Le rationes che hanno portato alla cristallizzazione di una normativa anti-corruzione e all’implementazione della Convenzione di Merida – 3. I principi fondamentali del nuovo Motu proprio – 4. La nozione di conflitto di interesse e strumenti “preventivi” – 5. Segue. Le cause di incompatibilità – 6. Le tipologie di procedure aggiudicatorie e documentazione – 7. L’esecuzione del contratto oggetto della procedura di aggiudicazione: risvolti civilistici – 8. La lotta alla corruzione – 9. I rimedi giurisdizionali previsti.

Conflicts of interest and corruption: scattered notes on the new regulatory framework envisaged by the Motu Proprio on “transparency, control and competition in the award procedures”

ABSTRACT: This contribution expresses the first notes on the fight against corruption, but even before the fight against conflicts of interest in the Vatican City State and the Holy See a few days after the adoption of the Apostolic Letter in the form of a Motu Proprio adopted by the Supreme Pope Francis for transparency, control and competition in award procedures. Far from wanting to be a decisive contribution, given the novelty of the discipline, surely the paper investigates the reasons that led to the adoption of such legislation, the founding principles that must permeate the entire discipline, the different types of award procedures and the “preventive” tools set as a “bulwark” of the fight against corruption and, even before, its so-called phase “prodromal”, represented by conflicts of interest. The contribution also focuses on the exquisitely civil aspects (good faith, correctness, exactness of the fulfillment) regarding the execution of the contract to be awarded and on the procedural aspects.

SOMMARIO: 1. Premessa - 2. Una rivoluzione contraddittoria - 3. Chiesa e denaro: la questione del prestito a interesse - 4. La svolta della Rerum Novarum: associazionismo e cooperazione - 5. Cattolicesimo e corporativismo - 6. Gli anni ’30 e l’eclissi dell’economia liberale - 7. Il dopoguerra italiano: un miracolo a metà - 8. Gli effetti negativi dei cattolici in politica, Giovanni Paolo II e il dialogo con il mercato.

Between the Economics of Religion and Religious Economics. Tangent Questions Regarding Italian History and Economic Theory.

ABSTRACT: The paper discusses the most important points of the relationship between social Christian thought and economic facts and how they developed in Italy, with particular reference to the application of competitive market principles. Starting with the second half of the 1800s, it is possible to argue that both the social doctrine and market theories had scarse impact on each other and more importantly, that they did not interact in a way which would have been useful. The author covers the main and most significant contributions that economists, sociologists, philosophers and politicians tried to bring to this missing debate between economic science and religious principles. In view of the creation of a society which responds to mankind’s real needs, we feel the lack of such a debate even though today we are witnessing a certain awakening.

SOMMARIO: 1. Premessa - 2. Sharia compliant - 3. Murabah - 4. Ijaraha - 5. Istisna’a - 6. Sukuk - 7. Conclusioni.

Islamic finance compatibility with the Italian legislation

ABSTRACT: Some verses of Allah that were revealed to the Prophet Mohammad in Quran were regarding economic issues. Further they were enriched in the legal framework of reference by other sources of Islamic law “Sharia” like; the Hadith (the sayings of the Prophet transmitted first orally and then transcribed), the Sunna (the tradition dictated by the words and actions of the prophet and the remembrance of the prophet statements by his first followers), and finally of Fiqh that is the Islamic jurisprudence dictated by the doctrinal interpretation of the various juridical schools. Islamic finance products which are derived from Sharia based on religious principles are very compatible with the system of traditional financial products, except for some ethical (excluded by the Sharia supervisory board) and fiscal (to avoid double taxation measures of some Islamic finance transactions), which could enhance the market attaractiveness prespective. The present study aims to investigate and identify the regulatory changes that can be implemented in the Italian legislations to make them compatible with the applicability of the typical Islamic financial contracts.