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Banking Licence Applications

Dáil Éireann Debate, Wednesday - 5 March 2014

Wednesday, 5 March 2014

Questions (47)

Derek Nolan

Question:

47. Deputy Derek Nolan asked the Minister for Finance if any interest has been expressed by third parties in seeking a banking licence to set up an Islamic bank in view of the 50,000 Muslim people resident here who, under sharia or Muslim law, are forbidden from paying interest on finance agreements to cater for their mortgage requirements; and if he will make a statement on the matter. [11008/14]

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Written answers

To date, no application for a bank licence has been received by the Central Bank for any bank to offer retail products under Sharia'h law in the Irish domestic market.

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