Research into the implications inherent in the regulation of banking activities based on Islamic principles, as well as the accounting of such activities, is still ongoing, Finance Minister Tonio Fenech told Parliament in reply to a question by Labour MP Leo Brincat. Such research involved close examination of various banking aspects in the context of current legislation, regulations and legal principles at local, European and international levels.
Mr Fenech said one should appreciate that this was a long-term project, and anybody would be wrong to think that it was an easy project or that it should be quickly finalised.
The Malta Financial Services Authority had finalised and published a Guidance Note on Sharia Funds in March. The guidance note explained how Islamic investment funds could be set up and managed within the Maltese legal framework.