Core seminar
Wednesday 9th
April 2014, 10 am Paris time / 11 am Jeddah time
Ezzedine Ghlamallah
Fellow, Chair for Ethics a...
Upcoming SlideShare
Loading in …5
×

Rights of beneficiaries for endowment contracts: Fitting French assurance-vie to the Islamic moral order

533 views

Published on

Core seminar

Wednesday 9th April 2014, 10 am Paris time / 11 am Jeddah time

Ezzedine Ghlamallah
Fellow, Chair for Ethics and Financial Norms

Rights of beneficiaries for endowment contracts:
Fitting French assurance-vie to the Islamic moral order

Published in: Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
533
On SlideShare
0
From Embeds
0
Number of Embeds
5
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Rights of beneficiaries for endowment contracts: Fitting French assurance-vie to the Islamic moral order

  1. 1. Core seminar Wednesday 9th April 2014, 10 am Paris time / 11 am Jeddah time Ezzedine Ghlamallah Fellow, Chair for Ethics and Financial Norms will present a paper Rights of beneficiaries for endowment contracts: Fitting French assurance-vie to the Islamic moral order Venue : service de la recherche, 2 rue, Cujas (not the main Pantheon building), 2nd floor room 208 please confirm: cenf@univ-paris1.fr Abstract: L'« assurance-vie » à la française n’a rien à voir avec les assurances-décès « réprouvée et contre les bonnes mœurs » pour le grand Colbert comme pour la loi islamique, c’est une enveloppe juridique qui offre une structure de capitalisation et des avantages fiscaux. En consequence, l’encours s’établit à 1397 milliards d’euros à fin 2012, soit près de 70 % du PIB ou 15 % du patrimoine des ménages français, dont plus de 40 % possèdent au moins un contrat. Il est donc important de penser les conditions d’adaptation de ce support de transmission patrimoniale privilégié avec l’ordre moral islamique. Nous traiterons en particulier la question de la clause bénéficiaire : en effet, quand une personne souscrit un contrat d'assurance-vie, l'opération consiste à sortir l'actif en question du patrimoine du souscripteur afin de le transférer dans le patrimoine de la compagnie d'assurances. La transmission via le contrat d’assurance-vie échappe donc partiellement aux règles de partage successoral : c’est ce dispositif dont nous questionnons la compatibilité avec le droit musulman des successions, qui vise à protéger l’autonomie des héritiers, en particulier les plus fragiles économiquement. French “life insurance” is distinct from insurance in case of death, which is “reprobate and contrary to morality” according to both Colbert and the Islamic law. The French life insurance contract is a mere shell providing an apt legal basis for capitalization and tax exemptions. Consequently, amount outstanding in life insurance contracts is close to 1,4 trillion euros, close to 70% of French GDP, 15% of total assets held by French households, from which more than 40% own such a contract. One must then think how to fit this wealth transmission medium into Islamic moral order. We will thus examine the designation of beneficiary as life insurance subscription amounts to bringing the designated assets out of the signer wealth and into the insurance company’s balance sheet. Under French law, inheritance distribution rules thus do not apply strictly to transmission through life insurance. This custom is questionable from a muslim legal perspective, as the Islamic law on inheritance seeks to protect the heirs, especially the most vulnerable from an economic point of view.

×