Global News Post: Islamic Finance

India Rules Out Introduction of Islamic Banking

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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">KOCHI (INDIA) (NNN-PTI) -- Reserve Bank of <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> Governor
D Subbarao on Thursday ruled out introduction of Islamic banking in the country
but said other methods for channelising funds based on the principles of
Islamic law can be looked at.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">"Islamic banking is not possible", he said, adding
the central bank could look at other vehicles based on Islamic banking
principles to channelise NRI funds.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">Replying to a question on the issue, Subbarao said: "There
are some legal problems. We have studied the issue. We appreciate the
objectives behind the request. But there are some legal problems. It can be got
around not through banking, but other vehicles".<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">He said that introduction of such banking was not possible in
the absence of a separate law for Islamic banking.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">The RBI chief further said the state Chief Minister Oommen
Chandy had told him that there were several NRIs in the southern Indian state
of Kerala who wanted to contribute to the development of the state and that
there should be a mechanism for channelising their funds.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">To questions on inflation, Subbarao said: "I will talk
about inflation later. I will only say that our next mid quarter monetary
policy review is on December 18. Last policy review was on October 30".<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">In view of the high inflation, the Reserve Bank in its last
policy review refrained from reducing interest rates, though it did cut the
Cash Reserve Ratio (CRR) by 0.25 per cent, releasing Rs 17,500 crore of primary
liquidity into the system. -- NNN-PTI<o:p></o:p></span></div>
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India Rules Out Introduction of Islamic Banking

KOCHI (INDIA) (NNN-PTI) -- Reserve Bank of India Governor D Subbarao on Thursday ruled out introduction of Islamic banking in the coun...

India Keen on Islamic Finance System

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</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">  <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">NEW DELHI (NNN-Bernama): Islamic finance has attracted considerable Indian government and local media interest as the subject is considered new, World Islamic Economic Forum (WIEF) Foundation Secretary-General Ahmad Fuzi Abdul Razak said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">He said this has been the case in all WIEF visits to other countries as well, and in India in particular simply because no Islamic finance institution has been established there.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">"I think the Indian government will look at this seriously with a view to coming out with a policy decision eventually as regards the establishment of Islamic banks and finance institutions in the country," he told Bernama. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Ahmad Fuzi said WIEF will continue to provide that platform and welcome participants from India to attend its session on this particular area. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">"They should take advantage of the opportunities available in Malaysia with regards to training programmes because it is difficult to establish such institutions without developing the right expertise and building up resources," he said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Ahmad Fuzi was here with a delegation led by WIEF Chairman Musa Hitam for Wednesday's one-day International Advisory Panel (IAP) meeting, which saw substantial participation from India's corporate and public sectors.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">"The meeting in New Delhi was very successful, we were able to resolve and make decisions on a number of aspects in relation to the preparation for the 8th WIEF in Johor, Malaysia," Ahmad Fuzi said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The 8th WIEF will be held on Dec 4-6 at the Persada Johor International Convention Centre with the theme "Changing Trends, New Opportunities". <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">He said WIEF has also built a database after a series of meetings with the Indian business community and provided more information to the media in India about WIEF. -NNN- BERNAMA<o:p></o:p></span></div></div>

India Keen on Islamic Finance System

NEW DELHI (NNN-Bernama): Islamic finance has attracted considerable Indian government and local media interest as the subject is consid...

Islamic Banking May Attract More Funds to India

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<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">NEW DELHI <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>(NNN-Bernama) – Islamic banking, if allowed, may attract more funds to India, especially in the infrastructure field, says former Indian High Commissioner to Malaysia R.L Narayan. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He said with a Muslim population of about 200 million people, the alternative-banking segment had potential in India. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"Islamic banking has gained acceptance not only in Islamic countries but also in other countries, considering the fact that we have huge needs for infrastructure investment (such a system could augur well with the needs)," he told Bernama. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">India plans to spend US$1 trillion over the next five years on developing infrastructure projects such as road building, railways, aviation and energy. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">There are many issues within the Islamic banking sector and a study is necessary, besides an establishment in a format acceptable to the Indian context, to help generate more development funds, said Narayan. -- NNN-BERNAMA<o:p></o:p></span></div></div>

Islamic Banking May Attract More Funds to India

NEW DELHI (NNN-Bernama) – Islamic banking, if allowed, may attract more funds to India, especially in the infrastructure field, says fo...

OIC to Launch Its Stock Exchange Index

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<div style="border-bottom: double windowtext 2.25pt; border: none; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">  <div class="MsoNormal" style="border: none; mso-border-bottom-alt: double windowtext 2.25pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify;"><span style="font-family: 'Trebuchet MS';"><br />
</span></div><div class="MsoNormal" style="border: none; mso-border-bottom-alt: double windowtext 2.25pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify;"><span style="font-family: "Trebuchet MS";">JEDDAH (NNN-SPA) -- The Secretary General of the Organization of Islamic Cooperation (OIC), Ekmeleddin Ihsanoglu said that the Organization will launch its Stock Exchange Index at the Stock Forum of the Muslim world during this year (2012).<o:p></o:p></span></div><div class="MsoNormal" style="border: none; mso-border-bottom-alt: double windowtext 2.25pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify;"><br />
</div><div class="MsoNormal" style="border: none; mso-border-bottom-alt: double windowtext 2.25pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; text-align: justify;"><span style="font-family: "Trebuchet MS";">In a press statement Monday, he said the Declaration of Stock Exchange Index will activate financial sectors and economies in the OIC Member States, noting the establishment of Union of Agricultural Industries of Islamic countries, and Islamic Center of Businessmen during the coming months. -- NNN-SPA<o:p></o:p></span></div></div></div>

OIC to Launch Its Stock Exchange Index

JEDDAH (NNN-SPA) -- The Secretary General of the Organization of Islamic Cooperation (OIC), Ekmeleddin Ihsanoglu said that the Organizat...

Islamic Banking Divides Nigerian Religious Leaders

<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><b><span style="color: black; font-family: Arial, sans-serif; font-size: 9pt;">By Scott Stearns  from  Lagos</span></b><b><span style="color: black; font-family: Arial, sans-serif; font-size: 13.5pt;"><o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFisnCoz3N_AziGfDNMDuScghVRTtjoUqKchLtIexbutYThI2bdLE9MVFTkAATris0vZ4-Wa_69GnVVLLEg4SNCWLyvSaWk4ffjEPVfJtN6E61-PE32cLaQxpnvWMfsOoThAv3HuDs_lw/s1600/islamicbank.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFisnCoz3N_AziGfDNMDuScghVRTtjoUqKchLtIexbutYThI2bdLE9MVFTkAATris0vZ4-Wa_69GnVVLLEg4SNCWLyvSaWk4ffjEPVfJtN6E61-PE32cLaQxpnvWMfsOoThAv3HuDs_lw/s320/islamicbank.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Photo Credit: <a href="http://flic.kr/p/9WyKQJ">flickr</a></td></tr>
</tbody></table><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;">Nigeria is introducing Islamic banking to bring more of the nation's estimated 70 million Muslims into the economy. But many prominent Christian leaders say it will further inflame religious violence.<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br />
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</span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 14pt;">How it works </span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br />
<br style="mso-special-character: line-break;" /> <br style="mso-special-character: line-break;" /> <o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;">Islamic law prohibits paying or receiving interest or investing in businesses that provide goods or services that are contrary to Islamic principles.<br />
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That has led to the creation of interest-free, Islamic banking in more than 50 nations where customers share in profits and losses. In an Islamic mortgage, for example, the bank buys the house then resells it at a higher price, allowing the new homeowner to pay in installments.<br />
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Ziyad Muhammad of the Islamic Finance Institute of South Africa says Islamic banking is about creating wealth for the community.<br />
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“The ultimate objective is to ensure that anything that is introduced by the entrepreneur is done for the benefit of the community at large,” he said.<br />
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Muhammad took part in a Central Bank of Nigeria conference meant to counter Christian opposition to the introduction of Islamic banking.<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br />
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</span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 14pt;">Christian criticism </span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br />
<br style="mso-special-character: line-break;" /> <br style="mso-special-character: line-break;" /> <o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;">The Christian Association of Nigeria says the move violates the country's secular constitution and comes at a dangerous time when security forces are battling Islamic fundamentalists who are fighting for an independent nation ruled by Islamic law.<br />
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At the St. Peter Claver Catholic church, Father Paul Anyansi recognizes the potential economic benefits of Islamic banking but believes its dangers are far greater.<br />
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“We have too many religious tensions in terms of Islam against Christians. So it could stir up more. This is not the time for it," he said. "The policies for Islamic banking are good in the sense where there is no loan and interest. It doesn't go against the beliefs of the Islams. But what we are trying to say is that this country is not mature for it now.”<br />
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Father Anyansi says Christian leaders understand that Islamic banking works in other countries and might eventually work in Nigeria, but not right now.<br />
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“It could be as effective as it is England, as it is in America, as it is in Malaysia or countries where it is operated. But for now, we are still growing. A lot of people are not accepting their brother as their brother. They are not accepting the differences between religions. It will create more problems than more gains,” he said.<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br />
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</span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 14pt;">Secular vs Islamic<br />
</span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br style="mso-special-character: line-break;" /> <br style="mso-special-character: line-break;" /> <o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;">Human rights activist Oke Adheke says Nigeria can not run on both a secular system and an Islamic system.<br />
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“The moment they gave it a religious coloration it is not good for this country. Islamic banking by the name is not good for this country. Let them give us banking products that they believe are good for the ordinary man. The problem with this country is that we introduce too many funny things and tell stories about them, yet they don't work,” said Adheke.<br />
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Banker Solomon Osiobe says people are afraid of Islamic banking because it is new, but he believes it can help the economy if everyone understands its rules.<br />
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“Let's give it a chance because it has its advantages and disadvantages. If the rules are set out to be followed by the people who are to be served and there is public alertment, this banking system can go on,” he said.<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br />
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</span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 14pt;">Alternative</span></b><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;"><br />
<br style="mso-special-character: line-break;" /> <br style="mso-special-character: line-break;" /> <o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><b><span style="color: black; font-family: 'Courier New'; font-size: 12pt;">In this time of religious tension, Jaiz International Bank's Mohammed Mustapha Bintube says, Nigeria needs an alternate method of financing based on fairness, equity, and transparency.<br />
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“Islamic banks also, deliberately, we don't finance anything that is harmful to society. So we only look for projects that make positive impact in people's lives,” he said.<br />
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Nigeria's Conference of Islamic Organizations says opposition to Islamic banking is ignorant and insincere as it says some political leaders are trying to link Islamic financing to terrorism at a time when London and Paris are competing to be the center of Islamic banking.<br />
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The Christian Association of Nigeria says it will challenge the introduction of Islamic banking in court.</span></b><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: 'Courier New'; font-size: 12pt;">(VOA News)</span></b><b><span style="color: black; font-family: Arial, sans-serif; font-size: 13.5pt;"><o:p></o:p></span></b></div>

Islamic Banking Divides Nigerian Religious Leaders

By Scott Stearns from Lagos Photo Credit: flickr Nigeria is introducing Islamic banking to bring more of the nation's estimated 70...

Ireland seeks to be European home of Islamic finance

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<tr><td class="tr-caption" style="text-align: center;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: red; font-size: xx-small;"><i>Irish Prime Minister Enda Kenny</i></span></span></td></tr>
</tbody></table><div class="MsoNoSpacing" style="mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 1.8pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: justify;"><b><i><span style="color: #00b050; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">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.</span></i></b><span style="color: #00b050; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></div><div class="MsoNoSpacing" style="mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 1.8pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: justify;"><b><i><span style="color: #00b050; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;"><br />
</span></i></b></div><div class="MsoNoSpacing" style="mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 1.8pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: justify;"><span style="font-size: 12pt;"></span></div><div class="MsoNoSpacing" style="text-align: justify;"><span class="apple-style-span"><span style="font-size: 12pt;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">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'.<o:p></o:p></span></span></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span class="apple-style-span"><span style="font-size: 12pt;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">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.<o:p></o:p></span></span></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span class="apple-style-span"><span style="font-size: 12pt;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">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.<o:p></o:p></span></span></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span class="apple-style-span"><span style="font-size: 12pt;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">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.<o:p></o:p></span></span></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span class="apple-style-span"><span style="font-size: 12pt;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">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.<o:p></o:p></span></span></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span class="apple-style-span"><span style="font-size: 12pt;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">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.<o:p></o:p></span></span></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br />
</div><div class="MsoNoSpacing" style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><span class="apple-style-span"><span style="font-size: 12pt;">'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. </span></span><span class="apple-style-span"><span style="font-size: 4pt;">(IRNA)</span></span></span><span class="apple-style-span" style="color: #00b050; font-family: 'Trebuchet MS', sans-serif; font-style: italic; font-weight: bold;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 8.0pt;"><o:p></o:p></span></span></div><br />
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Ireland seeks to be European home of Islamic finance

Irish Prime Minister Enda Kenny London - Ireland has followed the example of Britain in seeking to become a European home o...