Irish Prime Minister Enda Kenny has outlined Islamic finance and the green economy as two areas of growth for the Irish Funds' Industry. Speaking at the Irish Funds Industry Association (IFIA) conference, Mr Kenny said there was a need to ensure that Ireland is the obvious and first choice for the domiciling and distribution of funds.
Mr Kenny said that Ireland was determined to ensure that the IFSC is a Centre of Excellence for Islamic Finance and that changes in recent Finance Acts will support its development. Ireland has been active in concluding double taxation agreements with important Islamic States, including recently Saudi Arabia, Bahrain, Kuwait and the UAE. "The Central Bank of Ireland has also said that it is open to the establishment of Islamic Finance institutions in Ireland and it has already authorised a number of Sharia compliant funds. Islamic Finance is one of the major growth areas in internationa...
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