The Irish Government is committed to establishing the IFSC as a centre of excellence for Islamic finance, a seminar hosted by the International Fiscal Association Ireland (IFA) heard today.
The seminar was chaired by Andrew Quinn, Chairman of IFA Ireland and Head of Tax at international law firm Maples and Calder. Andrew was joined by the Tanaiste, Leader of the Labour Party and Minister for Foreign Affairs and Trade, Eamon Gilmore, and a number of expert speakers who gave their views on current opportunities for Ireland in Islamic finance.
In his opening remarks the Tanaiste discussed current Government policy in this area and the legislation adopted by Government to encourage growth within this sector.
"We need to build on areas where we already have strengths, such as in financial services, but expand our horizons and our activities to create more and better jobs. There is potential for significant growth in Islamic finance and this forms part of the Government's strategy for the financial services industry in Ireland. Ireland is already a base for 20pc of Islamic funds which are domiciled outside the Middle East. We want to establish the IFSC as a centre of excellence for Islamic finance. While Ireland is currently out of the market, we are open to considering issuing an Irish sovereign 'sukuk' (Islamic compliant bond) in the future."
Andrew Quinn, Chairman of IFA Ireland and Head of Tax at Maples and Calder, said that the clear message from the seminar is the Government's interest in developing the IFSC as a centre of excellence in Islamic finance.
"The expert speakers outlined the size and potential for growth in Islamic finance and the opportunities for Ireland. Ireland has a track record in establishing centres of excellence in financial services, such as in investment funds, debt capital markets and aircraft leasing, and this success can be replicated in Islamic finance."
Farmida Bi, Partner and Islamic finance specialist at international law firm Norton Rose, gave an overview of structures used in these transactions and trends developing within this area. She noted that, "Global Islamic assets are US$1 trillion today representing 1pc of global banking assets. However, Islamic finance has been growing at a 15pc to 20pc per annum since the 1990's and there is significant potential for further growth."
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