In 2008, Malta has attracted interest from a number of Islamic financial institutions. The Malta Financial Services Authority (MFSA) has in fact licensed two banks from the Middle East which intend offering wholesale Shari'a-compliant products and services. Malta’s reputation as a highly developed financial centre and its proximity to the most attractive potential markets for Islamic Finance (that is, Turkey, North Africa and EU-based Muslim communities) has led the MFSA to analyse what changes are required in Maltese legislation in order to facilitate the licensing of Islamic financial institutions. It is expected that proper legislation for Islamic banking is in place by mid-2009.

Camilleri Preziosi closely follows developments in Islamic Finance. In June 2008, the MFSA issued a Consultation Document on the application of Islamic Finance to Banking & Securities in Malta (view here). Camilleri Preziosi's views on the Consultation Document can be accessed here.  The MFSA's revised position on the subject may also be accessed here.

Louis de Gabriele, partner at Camilleri Preziosi, also sits on the Expert Group set up by the MFSA to identify in further detail the necessary legal and regulatory changes and to assist in the proper implementation of the proposed revisions.