London - Ireland has followed the example of Britain in seeking to become a European home of Islamic finance and banking, which is estimated to be worth around 1 trillion dollars worldwide. Irish Prime Minister Enda Kenny, who is trying to rebuild the country's devastated economy, said that he was doing everything he could to 'ensure' Dublin became 'a centre of excellence for Islamic finances'. The country's tax laws and financial regulations are now sharia-compliant and the Irish government had recently signed double-taxation agreements with Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates, Kenny told the Irish Funds Industry Association (IFIA) on Thursday. Under Sharia law, the charging of interest on loans, mortgages and overdrafts is prohibited as is investment in certain western economic sectors, including adult entertainment and gambling. The move comes after Kenny was swept to power following the collapse of Ireland's banking system and following similar initiatives being launched in Britain in recent years. Ken Owens, chairman of the IFIA, said there was currently 'a scramble' for Islamic business internationally and Ireland is just behind the UK in terms of adjusting its laws to be sharia-compliant. Irish and UK financial institutions saw opportunities worth billions in Islamic finance, either seeking to get a toehold in Islamic countries or attract Islamic institutions to Dublin, Owens said. 'The US and European asset management firms are already out in the Middle East and Asia with their products but now you've got those guys in China going 'I know China better than any US or European investor' and coming to Europe to compete with us,' he said. (IRNA) |
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