www.worldirish.com - Developing Ireland’s involvement in Islamic finance is a priority for the Irish Government, according to Tánaiste and Minister for Foreign Affairs Eamon Gilmore.
The minister was speaking at the International Fiscal Association Ireland Seminar this morning and outlined his vision for Ireland as a European hub for Islamic finance saying that it is a “good fit” for the country.
Islamic or Sharia law forbids the payment of interest on loans or overdrafts. It also prevents investments in certain sectors such as gambling and adult entertainment. (source)
Mr Gilmore estimated that Ireland is already a location for 20% of Islamic funds based outside of the Middle East, adding that there are €2.5bn worth of serviced Sharia-complaint funds in Ireland.
The minister was speaking at the International Fiscal Association Ireland Seminar this morning and outlined his vision for Ireland as a European hub for Islamic finance saying that it is a “good fit” for the country.
Islamic or Sharia law forbids the payment of interest on loans or overdrafts. It also prevents investments in certain sectors such as gambling and adult entertainment. (source)
Mr Gilmore estimated that Ireland is already a location for 20% of Islamic funds based outside of the Middle East, adding that there are €2.5bn worth of serviced Sharia-complaint funds in Ireland.
Mr Gilmore said Islamic finance is not an obvious area for Ireland to develop but fits in with the strategic approach of diversification that the Government is taking with Ireland’s economy.
“Internationally Islamic finance, or Sharia compliant finance, has demonstrated impressive growth rates – annual growth rates have been estimated at 15 -20%. The global Islamic finance industry is currently valued at approximately $1.3 trillion,” Mr Gilmore said.
To encourage people to bring their Islamic finances to Ireland, Mr Gilmore said the Irish tax and financial regulatory system have been adapted to “ensure a level playing field between Islamic Finance and conventional measures”.
Ireland has already signed double-taxation agreements with Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates.
Last summer, Taoiseach Enda Kenny said he wanted Ireland to become a centre of excellence for Islamic finance.
Source : http://www.worldirish.com/listening-post/view/islamic-finance-development-a-priority-for-ireland-943 - April 18, 2012
“Internationally Islamic finance, or Sharia compliant finance, has demonstrated impressive growth rates – annual growth rates have been estimated at 15 -20%. The global Islamic finance industry is currently valued at approximately $1.3 trillion,” Mr Gilmore said.
To encourage people to bring their Islamic finances to Ireland, Mr Gilmore said the Irish tax and financial regulatory system have been adapted to “ensure a level playing field between Islamic Finance and conventional measures”.
Ireland has already signed double-taxation agreements with Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates.
Last summer, Taoiseach Enda Kenny said he wanted Ireland to become a centre of excellence for Islamic finance.
Source : http://www.worldirish.com/listening-post/view/islamic-finance-development-a-priority-for-ireland-943 - April 18, 2012
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