It is one of the few bright spots in the Irish financial system in recent years.

As many financial institutions across Ireland, Europe and America continue to flail in the aftermath of the economic crisis, the Middle East has emerged relatively unscathed – and ripe for pickings.

Ireland is one of many countries which has begun to look at Islamic finance as a way to help rebuild the financial services sector. Already Ireland is a base for 20 per cent of Islamic funds based outside of the Middle East, and the plan is to expand that even further.

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