Sharia Compliant Funds in Ireland

Introduction

The last number of years has witnessed an increased interest in both Sharia Funds and in Islamic financial products worldwide. Sharia Funds are funds which are deemed to be compliant with an Islamic branch of law based on the teachings of the Koran and Sunna.

According to the London-based Institution for Islamic Banking and Insurance, there are now approximately 100 Sharia equity funds managing US$ 5 billion in assets, a figure that is growing by 12 – 15% a year. On a broader scale, there is estimated to be approximately US$250billion invested in Islamic products worldwide, key markets for Sharia funds being the Middle East and North Africa (MENA) region with growth also evident in more traditional markets within the European Union.