02/01/2013 Ireland’s EU Presidency Ireland’s EU Presidency
01/01/2013 InBusiness Magazine article covering the Irish Islamic Chamber of Commerce IICC Irish Islamic
10 July 2012
With the significant advantages of Islamic Bonds (Sukuk) it is now considered as best source of finance especially for state’s infrastructural projects, and with growing demand for this type of fund globally the Irish Islamic Chamber of Commerce IICC would emphasize and recommend to fund the Irish Sea Tunnel project via Islamic Bonds (Sukuk).
The constructive and engineering study for Irish Sea Tunnel launched in 2004 by the Institute of Engineers Ireland has estimated the total cost of the project by approximately 20 billion euro.
Also; the key advantage of the Irish Sea Tunnel, that when the project included in comprehensive strategy to make Ireland as the logistic hub for shipping between Europe and America which requires also to expand the existing ports to cater bigger ships which will add more cost to the project for optimum results.
However; with current austerity measures the Irish Islamic Chamber of Commerce IICC strongly recommend Islamic Bonds (Sukuk) to fund the entire project as this option has zero cost and zero risk on Irish Government with 100% control from the Irish Government over the project.
By adopting appropriate strategy, Irish Sea Tunnel could change the performance of the Irish Economy dramatically and attract further FDI to the country and boost the performance of the key sectors of the Irish Economy (Export, Construction, Shipping & Logistics services and Tourism).
A comprehensive funding plan using Islamic Bonds (Sukuk) will be launched by the Irish Islamic Chamber of Commerce IICC for best mechanism to issue, sell and control the Sukuk of Irish Sea Tunnel.
With unemployment rate of 15% and further emigration Irish Sea Tunnel could totally change the economic performance in Ireland, hence the Irish Islamic Chamber of Commerce IICC would urge the Irish Government to take positive action to push the Irish Economy forward and by taking positive decision to fund Irish Sea Tunnel vis Islamic Bonds (Sukuk).
Feb 2012 $640 billion International Halal trade market_ ICCI President
January 2012: Ihsanoglu urges more coordination for stronger intra-trade
10/10/2011 Economic Crisis: IICC press release on the recent developments of the economic crisis download here Economic Crisis
26/08/2011 Short-Selling Banned:the Irish Islamic Chamber of Commerce IICC strongly welcomed the significant decision made by some European countries to extend short-selling ban. From the viewpoint of the IICC short selling is a major element contributed to the inflation and subsequently the losses in the money market. This type of transaction is banned in Sharia Law due to the hidden adverse & risks. Short selling is a practice that allows investors to borrow stocks to sell them, betting that they can buy them back at a lower price and profit from the difference, in other words to sell a share even before owns it at certain price, with the expectation that the price will dip in near future and then shares can be bought up at a lower price. They will finally get the difference. On the long run the EU and other developed countries need to adopt some serious measures and regulations to curb the speculations and gambling in money markets and redirect investments into industrial/services projects which add value to the society & creates jobs.
IICC press release on the new Government Strategy for Islamic Finance: Download Government Strategy on Islamic Finance
IICC press release on Obama’s Visit to Ireland: Download Obama’s Visit Press Release
Irish Islamic Chamber of Commerce established in Dublin: Download IICC Formation (06_04_2011)