Dáil Éireann Debate, Tuesday - 11 February 2014
137. Deputy Kevin Humphreys asked the Minister for Finance the measures in place to encourage Islamic finance here; the number of such funds that are listed on the Irish Stock Exchange; and if he will make a statement on the matter. [6178/14]
Amharc ar fhreagraMeasures to encourage the development of Islamic finance in Ireland include: the continuing development of the UCITS and alternative investment fund platforms; the Finance Act 2010 which introduced a number of provisions to ensure that financial products structured along Islamic finance principles are taxed in the same way as conventional financial products; double taxation agreements which have been put in place with countries such as the United Arab Emirates, Saudi Arabia, Singapore, Malaysia, Bahrain, Kuwait and Qatar; measures to allow banks from non-EEA states to establish branches in Ireland; and, increased opportunities for further education in the field of Islamic Finance.
I am also advised that IDA Ireland is actively promoting Ireland to Islamic finance companies and expects further site visits to Ireland by prospective Islamic finance investors this year. This will build on the recent visit by an Taoiseach to the Gulf. Finally, I am advised that at the end of 2013 there were 13 sharia compliant funds listed on the Irish Stock Exchange.
