Ireland Islamic Finance as a contributor to global fiscal stability
Co-existence & Islamic Investments Conference
Gresham Hotel, Dublin - Ireland
5-6 June 2012
Call for Papers
The Islamic financial services industry is growing by 10-15% per year (according to the IMF, 2008), with assets well in excess of $400 billion and with a potential market of $4 trillion. Does this financial system have something to teach the larger Western system? Do Muslims have a responsibility to inform non-Muslims of alternative methods of generating prosperity? Can Western financial systems co-exist with Muslim alternatives? (more info hereunder)
The Irish government developed legislation (Section 35 of the Finance Bill 2010) to facilitate Islamic Finance in Ireland. In his address to the Dáil on 9th February 2010 the Minister of Finance stated:
“As a Government we must ensure that, in the face of a growing competitive threat from new emerging markets and the aggressive marketing of established centres, the IFSC remains competitive in all areas. That is why Section 35 of the Bill contains provisions which will help us to attract our share of the growing market of Islamic Finance. In 2007, Islamic Finance was estimated to be worth about US $700bn and is estimated to be growing at roughly 10% per annum. The measures in the Bill will provide level playing fields for all commercial financial product providers so that the tax benefits that accrue to conventional financial products are also available to Shari’a compliant products.”
It is important to point out – given Ireland’s recent experience - that borrowing money based on Islamic Finance principles has as one of the key points the sharing of risk (and reward) between the lender and the borrower. Under such principles it is simply impossible for a lender to insist that a borrower assume all risk, whilst the lender gets all the reward, without any risk.
On 5-6 June 2012 in Dublin, Ireland, a conference on Islamic financial systems, and their applicability to the current fiscal crisis, will be held. Papers are hereby invited on a variety of topics related to (but not limited to):
1. The link between economic security and communal security
2. Economic systems and political systems
3. Islamic finance and Islamic civilisation – fairness, faith & scripture
4. Islamic finance, Western banks and a sustainable future
5. Living together in difference and in wealth
6. Generating economic prosperity in a multi-polar world
7. Fiscal responsibility & social responsibility
8. Extreme economics – the worship of money and the decline of society.
9. Mediums of exchange in community interaction
10. The role of money in conflict & the role of money in peace
11. Incentivising peace, penalising conflict
26 March 2012 is the final date for submission of abstracts. You may send it to:
sheikhshaheed@gmail.com or info@iilconference.com
The conference will feature very significant figures from the Islamic world both in the field of finance and in the field of rulings as to whether a financial product is Islamic compliant or not (an important issue in this area).
The delegates and speakers will be introduced to Ireland, its facilities, its financial regulatory regime and its advantages for Islamic finance and investment.
The conference will feature very significant figures from the Islamic world both in the field of finance and in the field of rulings as to whether a financial product is Islamic compliant or not (an important issue in this area).
The delegates and speakers will be introduced to Ireland, its facilities, its financial regulatory regime and its advantages for Islamic finance and investment.
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