Mary Hanafin (Dún Laoghaire, Fianna Fail)

Once this legislation is enacted, it will apply to any transaction coming within its terms, irrespective of whether it has been entered into by a member of the Muslim community or whether it is Sharia compliant. The question of a separate dispute-resolution mechanism does not arise in this context. The legislation provides for tax treatment in three specified financial transactions, which are outlined as credit transactions, deposit transactions and investment transactions. There are equivalents within Sharia law. While the legislation was framed with those transactions in mind, where there is a direct correlation it will apply to any transaction. There is no necessity for the amendment because the notion of a separate dispute resolution mechanism does not arise.

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