Ireland is aiming to become the home of Islamic finance in Europe, the country’s Prime Minister, Enda Kenny, has revealed.
Speaking to the Irish Funds Industry Association (IFIA), the taoiseach said he was doing everything he could to "ensure" Dublin became "a centre of excellence for Islamic finances ".
He revealed that Irish tax laws and financial regulations were now compliant with sharia law, and that the government had recently signed double-taxation agreements with Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates.
Sharia law does not allow the payment of interest on loans, mortgages or overdrafts, or the receipt of interest. Investment in companies/organisations that trade in guns, alcohol, gambling, tobacco or pornography, is also forbidden.
IFIA chairman Ken Owens said there was currently an international "scramble" for Islamic business, and that Ireland was marginally behind the UK in terms of adjusting its laws to be sharia-compliant .
"Their investment universe is quite limited," he commented. "Islamic funds want to own the ship or the building, not a share in it."
"They want to own things outright because they can't pay interest. They want commmodities, infrastructure, manufacturing, property ."
Ireland to become a centre of excellence for Islamic finance
Tue, 21 Jun 2011
