Shariah compliant funds in Ireland
The Islamic finance industry, although still a relatively young industry, has transformed into a sizeable alternative financial management system. Muslim countries want Islamic finance to be part of the global financial system and are keen for these types of funds to be available worldwide.
There are opportunities for Ireland, either in servicing or managing Shariah funds. With Ireland’s experience within the funds industry and the receptive attitude of the Irish Financial Regulator to new entrants to the market, the Irish regulatory framework provides a favourable environment for the establishment of Shariah compliant funds.
Due to the expansion of this industry and the demand for Shariah compliant products, PwC Ireland has developed a dedicated Islamic Finance Group.
The services provided are listed below:
Gap assessment is one of the service offerings we have for fund administrators. The objective is to identify the gaps for the service elements between the current fund administrations offering to non-Shariah funds against the requirements for servicing Shariah funds.
One of the main differences with Shariah funds is the necessity for these types of funds to appoint a Shariah board which provides guidance to the board of directors of the Fund and to the investment manager on matters of Shariah law and in particular whether the proposed investments of the fund are Shariah compliant.
Drawing from our wealth of experience in the Shariah fund area, Gap assessment will help your business make the smooth transition from servicing traditional investment funds only to the inclusion of Shariah investment funds. It will identify the gaps for the service elements between the current fund administrations offering to non-Shariah funds against the requirements for servicing Shariah funds.
Islamic finance articles
Islamic finance publications