Muslim Entrepreneurship in Ireland

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Ireland has rapidly become a multicultural and multiracial society. This upheaval gave platform to the existence of diversity of religions and ethics of various communities residing in Ireland. The Irish experience in this regard shares manifest commonalities with the experience of other European countries. Nonetheless, there is much to learn from the Irish situation.

The Muslim Modern existence in Ireland can be traced back to the early 1950s. To a large extent it is difficult to get accurate statistics on Muslim population in Ireland. Nevertheless, the current Muslim population is 45.000 Muslims constituting 0.8% among the religious community which makes them the third religious community in Ireland. A great percentage of the Muslim community in Ireland is represented by immigrants. One third of the Muslim population is represented by Irish citizens.

The Muslim community in Ireland is employed in a wide range of professions e.g. medical doctors estimated to be 4000, business men mainly in ethnic restaurants, meat industry and Halal food. But most of these Muslim businessmen, when starting their business, did not go to Irish banks because the Irish banks do not provide facilities profitable to the bank and the customer without violating Islamic teachings. It is a great obstacle in the way of any business idea. It turned many Muslims away but some managed to find alternatives.

In an interview with Mr. A, he explained that he came to Ireland in 1996 as a single man endeavouring to accomplish economic success. He started as a kitchen porter. As he was inclined to lead a more stable life, he got married in 1997. Since his coming to Ireland he had a business idea i.e. bakery cafe. As he had no money and he did not want to take a loan from any Irish bank as it meant to violate Islamic teachings, he had to work for long hours. In 1998 using his little saving he managed to open a small bakery cafe. He and his Irish wife continued their hard work. He backed at night and his wife did all the paper work. In addition, during the business hours he was the shop keeper. In 2001 they opened their second bakery cafe and in 2003 they opened their third which is the biggest bakery cafe in Camden St. Mr. A after achieving his long perished hope is still having more ambitions.
In an interview with Mr. B, he stated that he came to Ireland for security reasons. He was a very successful professional in the country where he used to live. For security reasons he had to leave without any plan. For one reason or another, he chose Ireland as his refuge. Since his qualifications were not E.U., he could not find a job in his field. He had to forget his career and think of something else. It took him years to set up his business. He contacted a number of friends and relatives living outside Ireland who became his partners and funded his business idea. Now he is one of the remarkable Muslim businessmen in Ireland.
In an interview with Mr. C, he clarified that he had few thousands that he was willing to invest. He did not want to lodge his money in a bank simply because the Irish banks do not provide Shari’ah compliant products. His money, if lodged in a bank, could have been invested in a forbidden commodity e.g. alcohol or incurred impermissible interests. Across the border in the UK available are banks providing Shari’ah compliant products. Mr. C decided to invest his money outside Ireland.

The Islamic banking products are not so complicated that banks choose to sacrifices costumers and not to facilitate them. It is not only a loss of funds but also a loss of talents. All that Muslims are requesting is a product that does not involve usury.

This can be achieved via:
Murabaha: An Islamic financial system that governs a contract between a bank and its client, by which the bank purchases goods and then sells them to the client at a cost that includes a profit margin. The contract requires specific instalment payments to the bank. This arrangement allows the bank to avoid charging interest, which is forbidden under Shari’ah law.
Musharaka: An Islamic technique to provide funds to a partnership. Both parties provide capital and both may be active in managing the venture. Losses are shared on the basis of how much capital has been contributed. Profits are shared in any way the partners decide.

We appeal to the Irish banks to contacts any of the banks worldwide providing Shari’ah compliant products and lean from their experience.

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