When Christine Lagarde became France's minister of economic affairs in 2007, she brought experience of international markets gleaned from her career at international law firm Baker & McKenzie. With good contacts in the Middle East, she apparently arrived at an important conclusion in mid-2008.
"She felt that Islamic finance was an area where Paris could and should do better to attract Middle Eastern investment. London was a long way ahead of Paris, but that gap could be closed, with the idea that Paris is well positioned to receive investments into the eurozone," says Thierry Dissaux, who became Ms Lagarde's advisor on Islamic finance at the French treasury in mid-2009.
