Turkey and the Qatar Financial Centre (QFC) have the most Islamic finance friendly tax systems out of eight countries in the MENA region, according to a study by three leading experts, Mohammed Amin, Salah Gueydi and Hafiz Choudhury, and sponsored by Qatar Financial Centre Authority in partnership with the International Tax and Investment Centre, based in Washington DC.
The study goes on to examine two alternative approaches a country can take to update its tax system to support Islamic finance transactions (referred to in the study as the UK model and the Malaysian model), and concludes by recommending the one that is adopted in Malaysia as being quicker and simpler to implement for Muslim majority countries…………………………………….Full Article: Source