Islamic finance in Europe (88)

Continuation

2.4.4 IRELAND

Ireland has developed a strong foundation for the Islamic finance industry.

It includes:

-      a comprehensive tax treaty network with Muslim nations

-      and a provision in its tax code specifically for Islamic financial instruments.

That financial instruments involves:

-      ijarah (leasing)

-      murabahah (sale on the basis of cost plus mark-up)

-      and Islamic insurance (takaful).

Ireland is home to more than 50 world-class fund service providers, which are all supported by over 11,000 industry professionals.

It offers the widest range of expertise in fund domiciling and servicing.

From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)