The recently held Islamic Finance Seminar, organised jointly by the Malta Institute of Management (MIM), the Malta Union of Bank Employees and the Malta Employers Association, was attended by over 100 professionals from the financial services industry, accountants and lawyers.
Reuben Buttigieg, chairman of MIM and managing director of Erremme Business Advisors, explained the core principles of Islamic Finance, including the various opportunities that Malta has in this lucrative niche market.
"We can offer a service for a good cause while 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 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," said Mr Buttigieg.
Various principles in Islamic finance are not new to Malta and certain principles are common to those of the Roman Catholic Church. Mr Buttigieg used the foundation of APS Bank as an example of the Donation Contract used by Islamic Financial Institutions in order to conduct Takaful (similar to Insurance).
Mr Farrugia Borg from the Islamic Centre in Malta delivered a speech on behalf of the local Imam Mohammed El Sadi. He gave an overview of Shariah compliance and of some financial transactions compliant with Shariah law.
Prof. Abdullah Al Shami from Abu Dhabi also addressed the conference and gave an overview of the developments in Islamic finance all over the world. He 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. Over the last year, Islamic finance had a growth rate of approximately 20 per cent," he said.
Reuben Buttigieg, chairman of MIM and managing director of Erremme Business Advisors, explained the core principles of Islamic Finance, including the various opportunities that Malta has in this lucrative niche market.
"We can offer a service for a good cause while 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 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," said Mr Buttigieg.
Various principles in Islamic finance are not new to Malta and certain principles are common to those of the Roman Catholic Church. Mr Buttigieg used the foundation of APS Bank as an example of the Donation Contract used by Islamic Financial Institutions in order to conduct Takaful (similar to Insurance).
Mr Farrugia Borg from the Islamic Centre in Malta delivered a speech on behalf of the local Imam Mohammed El Sadi. He gave an overview of Shariah compliance and of some financial transactions compliant with Shariah law.
Prof. Abdullah Al Shami from Abu Dhabi also addressed the conference and gave an overview of the developments in Islamic finance all over the world. He 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. Over the last year, Islamic finance had a growth rate of approximately 20 per cent," he said.