Islamic bonds proposed as key to building rail tunnel under Irish Sea

The Irish Islamic Chamber of Commerce believe that Islamic bonds or sukuk could be the key to building road and rail link tunnel under the Irish Sea.

The chairman of the Irish Islamic Chamber of Commerce (IICC) Muhammad Hafez said that the Government could access €20 billion plus in funding through Islamic financing that would allow Ireland to build the Irish Sea Tunnel that was originally proposed by the Institute of Engineers Ireland in 2004.

Mr Hafez explained that the difference between sukuk funding and traditional funding is that, instead of the bonds issued being backed by the word of governments as in traditional guaranteed bonds, sukuk funding is backed by the project.