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With Ireland having the world’s third most globalized economy * changes to the IFSC are ever occurring. The principles of Shariah Law Finance have been introduced into the Irish Finance market.  Now in Ireland Islamic funds will be treated as other funds accruing the same operational benefits.

Basically Shariah Law Finance is back to basics banking! There is a prohibition of charging interest, and making money from money ie speculation.

Shariah Financing accounts for 500 billion to 1 trillion** U.S. dollars in the global finance market and is expected to double.***

Ireland fund management accounts for @ 30% global market ie 2 trillion, and has 9000 fund industry personnel in Ireland.

You can be a Shariah compliance bank operating funds in accordance with it’s principles, and then there are Islamic Banks.

There are nearly 300 Islamic banks and financial institutions worldwide whose assets are predicted to grow to $1 trillion** by 2013.

* Ernest & Young

** Islam Online

** *Nick Ryan report Enterprise Ireland (PDF)

NB: The above is taken from an essay I’m writing. So, if my Macro Economics lecturer comes across this it’s not plagiarism.

I’m putting the NB in as another of my lectures has told us all of the wonderful story of googling an essay he was marking and finding it word for word copied from another author which he found online. As an aside it never ceases to amaze me when I get an email from someone pointing out this and that about something I’ve wrote. [I love getting feedback ] So that’s my clarification – that and I’ll do anything but finish the damn essays! lol.

I’ve said before I’d stick up the essays – I will once they are marked and back with me. Warning they will not be thrilling reads unless you like the subjects of social policy, economics, the E.U, oh and the pièce de résistance – organization and management.

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