|Irish Financial Services Centre, Dublin City|
"It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first." ~ Ronald Reagan ~
The Irish Banking System is in Collapse mode ... And Enda aims to ensure Dublin becomes "a centre of excellence for Islamic finances" or the Emerald Emirate of Europe to Climb out of Crisis !!!!!!!! In an announcement that raised some eyebrows Kenny said that Irish tax laws and financial regulations are now sharia-compliant, and the Irish government recently signed double-taxation agreements with Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates ?!?!?!?!?!?!?!?!?
"There is first-mover advantage. If they (Islamic institutions) feel comfortable in a particular jurisdiction and you develop a cluster, more will follow" said Ken Owens, chairman of the IFIA. Sharia law prohibits the payment of interest on loans or overdrafts, or the receipt of interest, and also prevents investment in certain categories including defence, adult entertainment and gambling. "Their investment universe is quite limited. Islamic funds want to own the ship or the building, not a share in it. They want to own things outright because they can't pay interest. They want commmodities, infrastructure, manufacturing, property" Owens told The Guardian Newspaper. He said Irish and UK financial institutions, which were devastated by the financial crisis, saw opportunities worth billions in Islamic finance, and were either seeking to get a foothold in Islamic countries or attract Islamic Institutions to Dublin.
|Enda Kenny ~ Taoiseach of Ireland|
Speaking at the Irish Funds Industry Association's Annual Global Funds Conference in Dublin An Taoiseach Enda Kenny said: "I am delighted to be here today to address the Irish Funds Industry Association Annual International Conference and it is an opportunity for me to congratulate those in the funds industry for their achievements and ongoing growth ~ growth which is helping the recovery of the Irish economy."
He explained that since the establishment of the International Financial Services Centre (IFSC) in 1989, the financial services and funds industry has been one of the main success stories in Ireland. "With close to 25 years expertise and experience, Ireland is proud to be one of the world’s leading locations for international investment funds. We value its excellent reputation and recognise its hardworking and dedicated workforce approaching 12,000 professionals whose knowledge is recognised world-wide. All these factors contribute to the continued increase in the number of funds and assets being domiciled and serviced by the industry in Ireland. I am informed that during 2010 the industry grew by over 30% when the value of funds administered rose from €1.4 trillion in 2009 to €1.88 trillion at the end of 2010," continued an Taoiseach. Highlighting the importance of the Irish funds industry to the Irish economy an Taoiseach pointed out: "The industry has also contributed to the new Government’s top priority, job creation. Last year the industry saw a 5 per cent growth in jobs with the creation 432 new positions. It is now expected that it will go on to create close to 900 new valuable knowledge economy jobs by the end of 2011."
He went on to say that this was a good news story but admitted that the Irish economy was facing challenging times. However he said: "Ireland is meeting these challenges head on. I want to assure everyone here today that Ireland will emerge from this crisis stronger than ever. The new Government is taking strong action and making big decisions to deal with our difficulties. Exports are soaring. Our competitiveness is going up. Costs ~ going down. Our banking plan is dealing with legacy problems and has been welcomed internationally. Ireland is meeting all of its international commitments and will continue to do so. When I came to office I made it my mission to make Ireland one of the best small countries in the world in which to do business. My Cabinet and I are busy making the structural changes to the economy to continue to have a flourishing business environment. Forbes has already rated Ireland the top eurozone country in which to do business. As a result we continue to attract top tier international investment into the country. We have the skilled people, the location, the business environment, that allows multi national companies to successfully access the wider European and Africa markets from here."
|Nestling by Night ... Dublin Docklands ... Finance Hub|
An Taoiseach then pointed out that within walking distance from the spot where he was speaking ~the Convention Centre in the IFSC~ we have some of the top internet companies such as Google and Facebook. Further afield we have major investments such as the European HQ of Microsoft and a major Intel manufacturing facility, he continued. "But today we recognise the importance of the international finance sector. We will ensure that the environment for the development of international financial services and, in particular, investment funds, continues to offer significant opportunity. This potential will be achieved as Ireland continues to provide solutions and opportunities to the international funds industry." He said that the promotion and support of international financial services was a central part of the recovery strategy of this Government. An Taoiseach also suggested that the Government would do what it could to further increase Ireland's attractiveness as a leading funds domicile. "In order to maintain Ireland as a leading international fund jurisdiction, a specific legislative framework and developments in the tax and regulatory environments are areas for consideration." An important feature of the funds industry has been the significant involvement of the Irish authorities with our counterparts in Europe. Recent EU legislative developments present opportunities for the European industry, where global players seek to use a European base for their international business. We in Ireland, the authorities and industry, need to anticipate and prepare for these opportunities and we are.
"We need to ensure that Ireland is the obvious and first choice for the domiciling and distribution of funds" He then alluded to the announcement made at the start of the conference which revealed that the funds industry and IDA Ireland had formed a partnership which sees the Irish funds industry opening representative offices throughout the US and the UK with more to follow in Europe before year end. "As you can see the Government is looking to building upon the success ofthe IFSC, one area we are expanding into is Islamic Finance. Ireland has recognised its importance in the global financial system through adapting our tax system and financial regulatory system to ensure a level playing field between Islamic Finance and conventional measures. We are determined to ensure that the IFSC is a Centre of Excellence for Islamic Finance and the changes in recent Finance Acts will support its development. In addition, Ireland has been active in concluding double taxation agreements with important Islamic States, including recently Saudi Arabia, Bahrain, Kuwait and the UAE. "
The Central Bank of Ireland has also said that it is open to the establishment of Islamic Finance institutions in Ireland and it has already authorised a number of Sharia compliant funds. Islamic Finance is one of the major growth areas in international financ and the Government is playing its role to support the development of this sector in Ireland. An important feature of the funds industry has been the significant involvement of the Irish authorities with our counterparts in Europe. Recent EU legislative developments present opportunities for the European industry, where global players seek to use a European base for their international business. We in Ireland, the authorities and industry, need to anticipate and prepare for these opportunities and we are. "We need to ensure that Ireland is the obvious and first choice for the domiciling and distribution of funds."
He then alluded to the announcement made at the start of the conference which revealed that the funds industry and IDA Ireland had formed a partnership which sees the Irish funds industry opening representative offices throughout the US and the UK with more to follow in Europe before year end.
It would seem that Summer in Dublin is soon to be Strangled ..... as the Suicide of Sharia introduces Islamic Ireland !!!!!