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Retail Islamic finance in Ireland: obstacles and opportunities Play

Retail Islamic finance in Ireland: obstacles and opportunities

Published at 47 18,,, 21 2021
This round table discussion analyzes the changes undertaken in Ireland in recent years to allow for transactions based on Islamic finance inside that country. Over the last decade, the Irish authorities have introduced several measures to accommodate and regulate Islamic finance activities under Irish law. These measures have focused primarily on taxing certain Islamic financing structures and have been designed to better align their tax treatment with conventional alternatives. While some shortcomings continue to exist in terms of the current treatment of Islamic finance in Irish law, the measures implemented up to now have been welcomed by the industry and help to position Ireland as an economy where Islamic finance activities are encouraged. According to the results of Philip Lee’s 2019 Islamic Finance Survey, there is an overwhelming desire within the Muslim community in Ireland for Islamic mortgages and other financial products. Based on this survey, Simon O’Neill, a partner in the Banking and Finance Unit at Dublin law firm Philip Lee, believes this is a huge investment opportunity in the market. Moreover, given the context created by Brexit, UK-based institutions may lose some of their ability to conduct business in the EU. In this respect, Ireland offers a stable market and a similar legal system with untapped demand for Islamic finance, while allowing these institutions to continue having access to the other EU27 markets. This discussion analyzes the industry’s current status in Ireland and examine the various Islamic mortgage alternatives available, the current taxation of these products, the current barriers to development for retail Islamic finance in Ireland, the room for improvement, and the opportunities and challenges facing Islamic finance in that jurisdiction. Organized within the framework of the SCIEF-Casa Árabe Observatory of Islamic Finance in Spain. Taking part in the round table are Edana Richardson, a professor of Law at Maynooth University, and Simon O’Neill, a Banking and Finance partner at Philip Lee, with moderation by Gonzalo Rodríguez, director of SCIEF (IE University) and an initial reaction by Olivia Orozco, Casa Árabe’s Training and Economic Coordinator. The SCIEF-Casa Árabe Observatory of Islamic Finance in Spain is a group for analysis and consultation that gathers knowledge about current affairs in Islamic finance. It includes the main experts, consultancies, law firms and banking institutions working in or specializing on this subject in Spain. Further information: https://en.casaarabe.es/event/retail-islamic-finance-in-ireland-obstacles-and-opportunities

ALL VIDEOS IN THIS CATEGORY

  • Retail Islamic finance in Ireland: obstacles and opportunitiesShow video

    Retail Islamic finance in Ireland: obstacles and opportunities

    This round table discussion analyzes the changes undertaken in Ireland in recent years to allow for transactions based on Islamic finance inside that country. Over the last decade, the Irish authorities have introduced several measures to accommodate and regulate Islamic finance activities under Irish law. These measures have focused primarily on taxing certain Islamic financing structures and have been designed to better align their tax treatment with conventional alternatives. While some shortcomings continue to exist in terms of the current treatment of Islamic finance in Irish law, the measures implemented up to now have been welcomed by the industry and help to position Ireland as an economy where Islamic finance activities are encouraged. According to the results of Philip Lee’s 2019 Islamic Finance Survey, there is an overwhelming desire within the Muslim community in Ireland for Islamic mortgages and other financial products. Based on this survey, Simon O’Neill, a partner in the Banking and Finance Unit at Dublin law firm Philip Lee, believes this is a huge investment opportunity in the market. Moreover, given the context created by Brexit, UK-based institutions may lose some of their ability to conduct business in the EU. In this respect, Ireland offers a stable market and a similar legal system with untapped demand for Islamic finance, while allowing these institutions to continue having access to the other EU27 markets. This discussion analyzes the industry’s current status in Ireland and examine the various Islamic mortgage alternatives available, the current taxation of these products, the current barriers to development for retail Islamic finance in Ireland, the room for improvement, and the opportunities and challenges facing Islamic finance in that jurisdiction. Organized within the framework of the SCIEF-Casa Árabe Observatory of Islamic Finance in Spain. Taking part in the round table are Edana Richardson, a professor of Law at Maynooth University, and Simon O’Neill, a Banking and Finance partner at Philip Lee, with moderation by Gonzalo Rodríguez, director of SCIEF (IE University) and an initial reaction by Olivia Orozco, Casa Árabe’s Training and Economic Coordinator. The SCIEF-Casa Árabe Observatory of Islamic Finance in Spain is a group for analysis and consultation that gathers knowledge about current affairs in Islamic finance. It includes the main experts, consultancies, law firms and banking institutions working in or specializing on this subject in Spain. Further information: https://en.casaarabe.es/event/retail-islamic-finance-in-ireland-obstacles-and-opportunities
    Published at 47 18,,, 21 2021
  • (ENGLISH) 26/10 - RAISA PROGRAM "Different but equal"Show video

    (ENGLISH) 26/10 - RAISA PROGRAM "Different but equal"

    (ENGLISH) 26/10 - RAISA PROGRAM "Different but equal" Casa Árabe is hosting a meeting of the “Raisa” program, organized by the Women for Africa Foundation on 26 and 29 October at its headquarters in Madrid. It will be bringing together 20 women leaders from African and Mediterranean countries. Women are diverse in general. So are their approaches, perspectives and demands, and above all the environments in which they live, and this inevitably affects their thinking and actions. But there are many things which, despite physical distance, different cultures, beliefs and situations, unite all committed women. Of course, we all want the inequality gap separating men and women to close, and for women to achieve a status of full citizenship all over the world. As part of the “Raisa” program promoted by the Spanish Agency for International Development Cooperation (AECID) and the Ministry of Foreign Affairs, European Union and Cooperation (MAEUEC), which is bringing 20 women leaders from 20 African and Mediterranean countries to Spain, the Women for Africa Foundation is carrying out an activity titled ”Different But Equal.” In this frank, open dialogue with Spanish women who are outstanding in their professions or fields of activity on the keys to their diversity and similarity, they will be presenting their own conclusions to us at Casa Árabe on Tuesday, October 26 at 3:30 p.m. This meeting of the “Raisa” program will also be ending at Casa Árabe on Friday, October 29, at 11:30 a.m. at an event where these 20 leading women will discuss the image they have of our country. Further information: https://en.casaarabe.es/event/different-but-equal
    Published at 30 27,,, 21 2021
  • (FRANÇAIS) 26/10 - PROGRAMME RAISA "Différentes mais égales"Show video

    (FRANÇAIS) 26/10 - PROGRAMME RAISA "Différentes mais égales"

    (FRANÇAIS) 26/10 - PROGRAMME RAISA "Différentes mais égales" Casa Árabe is hosting a meeting of the “Raisa” program, organized by the Women for Africa Foundation on 26 and 29 October at its headquarters in Madrid. It will be bringing together 20 women leaders from African and Mediterranean countries. Women are diverse in general. So are their approaches, perspectives and demands, and above all the environments in which they live, and this inevitably affects their thinking and actions. But there are many things which, despite physical distance, different cultures, beliefs and situations, unite all committed women. Of course, we all want the inequality gap separating men and women to close, and for women to achieve a status of full citizenship all over the world. As part of the “Raisa” program promoted by the Spanish Agency for International Development Cooperation (AECID) and the Ministry of Foreign Affairs, European Union and Cooperation (MAEUEC), which is bringing 20 women leaders from 20 African and Mediterranean countries to Spain, the Women for Africa Foundation is carrying out an activity titled ”Different But Equal.” In this frank, open dialogue with Spanish women who are outstanding in their professions or fields of activity on the keys to their diversity and similarity, they will be presenting their own conclusions to us at Casa Árabe on Tuesday, October 26 at 3:30 p.m. This meeting of the “Raisa” program will also be ending at Casa Árabe on Friday, October 29, at 11:30 a.m. at an event where these 20 leading women will discuss the image they have of our country. Further information: https://en.casaarabe.es/event/different-but-equal
    Published at 30 27,,, 21 2021
  • (FRANÇAIS) 29/10 - PROGRAMME RAISA "Différentes mais égales"Show video

    (FRANÇAIS) 29/10 - PROGRAMME RAISA "Différentes mais égales"

    (FRANÇAIS) 29/10 - PROGRAMME RAISA "Différentes mais égales" Casa Árabe is hosting a meeting of the “Raisa” program, organized by the Women for Africa Foundation on 26 and 29 October at its headquarters in Madrid. It will be bringing together 20 women leaders from African and Mediterranean countries. Women are diverse in general. So are their approaches, perspectives and demands, and above all the environments in which they live, and this inevitably affects their thinking and actions. But there are many things which, despite physical distance, different cultures, beliefs and situations, unite all committed women. Of course, we all want the inequality gap separating men and women to close, and for women to achieve a status of full citizenship all over the world. As part of the “Raisa” program promoted by the Spanish Agency for International Development Cooperation (AECID) and the Ministry of Foreign Affairs, European Union and Cooperation (MAEUEC), which is bringing 20 women leaders from 20 African and Mediterranean countries to Spain, the Women for Africa Foundation is carrying out an activity titled ”Different But Equal.” In this frank, open dialogue with Spanish women who are outstanding in their professions or fields of activity on the keys to their diversity and similarity, they will be presenting their own conclusions to us at Casa Árabe on Tuesday, October 26 at 3:30 p.m. This meeting of the “Raisa” program will also be ending at Casa Árabe on Friday, October 29, at 11:30 a.m. at an event where these 20 leading women will discuss the image they have of our country. Further information: https://en.casaarabe.es/event/different-but-equal
    Published at 29 27,,, 21 2021
  • (ENGLISH) 29/10 - RAISA PROGRAM "Different but equal"Show video

    (ENGLISH) 29/10 - RAISA PROGRAM "Different but equal"

    (ENGLISH) 29/10 - RAISA PROGRAM "Different but equal" Casa Árabe is hosting a meeting of the “Raisa” program, organized by the Women for Africa Foundation on 26 and 29 October at its headquarters in Madrid. It will be bringing together 20 women leaders from African and Mediterranean countries. Women are diverse in general. So are their approaches, perspectives and demands, and above all the environments in which they live, and this inevitably affects their thinking and actions. But there are many things which, despite physical distance, different cultures, beliefs and situations, unite all committed women. Of course, we all want the inequality gap separating men and women to close, and for women to achieve a status of full citizenship all over the world. As part of the “Raisa” program promoted by the Spanish Agency for International Development Cooperation (AECID) and the Ministry of Foreign Affairs, European Union and Cooperation (MAEUEC), which is bringing 20 women leaders from 20 African and Mediterranean countries to Spain, the Women for Africa Foundation is carrying out an activity titled ”Different But Equal.” In this frank, open dialogue with Spanish women who are outstanding in their professions or fields of activity on the keys to their diversity and similarity, they will be presenting their own conclusions to us at Casa Árabe on Tuesday, October 26 at 3:30 p.m. This meeting of the “Raisa” program will also be ending at Casa Árabe on Friday, October 29, at 11:30 a.m. at an event where these 20 leading women will discuss the image they have of our country. Further information: https://en.casaarabe.es/event/different-but-equal
    Published at 29 27,,, 21 2021