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Malta Investigates Improving Shariah Compliance,
by Phillip Morton, Investors Offshore.com
Friday, January 16, 2009
The recently held Islamic Finance Seminar brought together over 100 professionals
from both the Maltese, and Islamic financial services industries to discuss Malta’s
plans to become an international Islamic financial services centre.
Speaking at the seminar, Reuben Buttigieg, Chairperson of MIM and Managing
Director of Erremme Business Advisors, explained the core principles of Islamic
finance, and elaborated on the various opportunities that Malta could capitalise
on to develop its trade with Islamic countries.
“We can offer a service
for a good cause whilst tapping into a niche which is bound to grow at an incredible
rate. Malta, through its financial regime structure and geostrategic location
can be ideal to target North African markets, particularly Libya; there are
tax-planning opportunities in this. There are also the Muslims in Europe who
are expected to double in number over the next decade. Muslims in Italy are
waiting for Malta to give them the opportunity to invest, to finance their projects
and to create wealth.”
Various principles in Islamic Finance are not new to Malta and certain principles are common to those of the Roman Catholic Church. Buttigieg used the foundation of APS Bank as an example of the Donation Contract used by Islamic Financial Institutions in order to write Takaful, a type of insurance contract. He also praised the Maltese authorities for their willingness to enable the necessary legislative changes so that Islamic Financial Institutions can thrive in Malta.
Prof Abdullah Al Shami, visiting from Abu Dhabi stressed the importance of having underlying assets on all transactions as a
core principle within the Islamic Finance world. “I do see Malta as an
Islamic Finance Centre in the Mediterranean. There are loads of opportunities
in Islamic Finance and its growth rate is bound to increase even further," he said.
Over
the last year, Islamic Finance had a growth rate of approximately 20%," he observed.
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