Can Ireland become a centre of centre of excellence for Islamic finance? A study of what is needed, what has been done and what else can be done

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Zainal Aalam, Noorizzati Aini
Issue Date
MBA in Finance
Dublin Business School
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This research was undertaken targeting the Irish financial market where Islamic finance is the main focus. It is a research instigated by the Irish government‟s announcement in the summer of 2012 where it aims to be a “Centre of excellence” for Islamic finance in Europe. Therefore, this research will help identify how Ireland can achieve this objective. Three interviews were conducted with professionals that are directly involved in the Islamic finance system in Ireland. Findings from data‟s collected are transcribed and coded to provide guidance for interpretations. The study shows that there is a very slow progress of the development of Islamic finance in Ireland. The correlation between the primary and secondary data of this research shows that in identifying what is needed to be a “Centre of Islamic finance” and what has been done for Islamic finance in Ireland, at the moment there is little done by Ireland to achieve this objective. Thus suggesting that there are a lot more Ireland has to do to fill this gap. The research findings show the government has a big role in the development of Islamic finance. Participants feel that the government should be the one to instigate the market as proven by other successful mature markets. Author keywords: Islamic finance