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Saturday, November 21, 2009 10:55 PM

Published 11/04/2009 by Sunday Tribune Ireland


Call for change in tax law to attract Islamic finance

PwC partner Ken Owens and Usman Hayat, director of Islamic finance for the CFA Institute, Europe, Middle East and Africa

Ireland is well positioned to tap into the rapid growth in the Islamic finance sector, but changes to our tax system would make it easier to attract funds here.

Ken Owens, PwC partner for...

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Quotes

"Interest is prohibited from an Islamic finance perspective so you don't pay interest or earn interest. Our tax system would say if it is not interest, it gets treated in a certain way. We need to enable the tax law to be such that if something is not interest but has a similar economic effect, then the tax treatment of it should be the same" he said
Call for change in tax law to attract Islamic finance [Sunday Tribune Ireland - 11/04/2009]

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