Islamic finance in Europe (89)

Continuation

The industry managed assets worth more than €180 trillion in 2010.

It is a significant location for Islamic funds.

An estimated 20% of the Islamic funds market outside of the Middle East being located in Ireland.

The Irish Government has supported the development of Islamic finance here.

For example, the Irish Financial Regulator has set up a dedicated team to deal with the establishment of Shari’ahcompliant investment funds.

-      A supportive tax and legal environment;

-      easy access to the European market;

-      a skilled workforce;

-      an investor-friendly transfer pricing regime;

-      supportive infrastructure;

-      businessfriendly policies;

-      and a stable regulatory environment

make Ireland well positioned for further development of Shari’ah-compliant business.

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)