UK leading the world in Islamic Finance

Following the success of the World Islamic Banking Conference (WIBC) in Bahrain, the UK has been praised as the leading Western centre for Islamic finance and one of the world's most attractive destinations for Islamic banks. The conference, supported by UK Trade & Investment (UKTI), included an expert panel from the UK, which led debates on the future of the sector, both in the UK and around the world. This panel included three members of the UK Islamic Finance Secretariat, as well as representatives of leading advisory firms. They spoke to a large audience of Islamic wholesale and retail bankers from across the Gulf region and beyond, as well as advisors and other professional service providers specialising in Islamic Finance.    The panel looked at the pitfalls and opportunities for Islamic finance in light of the global economic downturn and opportunities for growth in the sector, with some estimates putting its value at over US$4 trillion in the coming years. Leading industry speakers said: "Small corporates looking at sukuk issuance are favouring UK law - it's a safe pair of hands. We have recently been asked to look at several issuances particular for this reason and also due to the experience we have in the UK working with international institutions," said Kazi Rahman, Lawyer, Wragge & Co.  Richard Thomas, CEO, Gatehouse bank said, "The UK is the number one centre for co-operation with other Islamic finance centres such as Bahrain and Malaysia." "There is a great opportunity for investment and commercial banks to raise awareness of an alternative source of finance," said Sultan Choudhury, Director at the Islamic Bank of Britain. "The UK is one of the most attractive banking destinations, particularly when it comes to Islamic finance. Rules and laws facilitate the use of Islamic products," said Darshan Bijur, Director of Islamic Finance Advisory, KPMG The Panel challenged the audience to learn from UK experiences and implement changes within their own institutions. The UK, and especially London, has been working to move the Islamic Finance sector from niche to mainstream over the last decade, with wide expertise and a financial infrastructure that is uniquely placed to support Islamic banking. In the UK there are 18 major law firms providing legal services in Islamic Finance; Five stand-alone Sharia-compliant banks; Providers of education in Sharia compliant finance; Five of the largest national professional services firms with Islamic Finance teams based in London providing Sharia-complaint services. The WIBC has been running for 17 years, and is the world's largest and most influential gathering of Islamic finance industry leaders. This year there were over 1,200 international delegates from more than 50 countries. Source Article from Global Islamic Finance Magazine

Global Islamic Finance Magazine Brand Ambassador

Great Opportunity to Boost your CV and Develop your Interpersonal Skills!

Passionate about Islamic finance & banking ? Would like to improve the business environment for the Islamic finance and creating a better future for yourself ?  

Becoming a brand ambassador is a great opportunity to gain valuable work experience and to contribute to our leading financial publication. Join us today and benefit from work experience with leading Islamic Finance publication, extra income and free subscription. 

Responsibilities:

* Promoting the magazine: At the industry events which you will attend and within the University.

* Knowing the product.

* Acting as a Spokesperson for the brand.

* Achieving your monthly sales targets.

* Looking for potential contributors among fellow students and University staff.

* Presenting a report of your activities each month.

Benefits:

* The title of Official Brand Ambassador for the industry-leader Global Islamic Finance publication Awards for any outstanding actions, such as an increase in sales or visible growth of interest in GIF magazine.

* The chance to contribute to the magazine – your work may appear on the website or in the magazine.

* Valuable work experience.

* Earn extra income.

* Free subscription to Global Islamic Finance Magazine.

Requirements:

* Fluency in English and Strong self-motivation.

* An interest in Islamic banking, finance and economics.

* Well-developed communication skills.

For more detail, please visit; http://www.globalislamicfinancemagazine.com/brand-ambassador

 

If you would like to become out Brand Ambassador please send your CV and cover letter to: Patricia KeHsuan Tsai

online@globalislamicfinancemagazine.com

Landline: +44 207 859 8201

Dubai Exports Islamic Finance To Europe

"The expertise of Dubai in the area of Islamic Financial Services is something that we hope to capitalize through our export facilitation services"' commented Engineer Saed Al Awadi, the CEO of Dubai Exports, an agency within Dubai Department of Economic Development. Al Awadi continued to state that, "we have carried out two very successful trade missions in Islamic financial services which have linked our firms with opportunities in foreign markets".

On one hand the conventional financial system is recovering from the fallout of the international financial crisis Islamic finance on the other hand is growing rapidly. Statistics show that global Islamic banking assets have grown approximately 10% per annum from the mid 1990s when they were about US$150 billion.

Today, global Islamic financial assets stand at approximately US800 billion. Industry experts claim that over the next decade the sector may reach US$4 trillion. The growth of Islamic Financial Services has been driven by a growing Islamic population that is enjoying a rapid rise in purchasing power, due to better education and employment opportunities. This has been supported by financial engineering and innovation in the provision of Islamic financial products and services.

No longer is Islamic finance limited to simply the provision of interest free bank accounts but includes a whole spectrum of fund of funds, exchange traded funds, hedge funds and real estate funds which are gaining wide acceptance. These new products have increased investor awareness of Islamic products. The same is true in the corporate sector whereby Islamic financial innovation has developed products while being Shariah compliant meet the needs of the modern business.

The financial innovation has been greatly assisted by financial centres and their regulators who have understood the importance of the sector and its unique structure. In this respect Dubai has become the leader and pioneer with the first recognized Islamic bank being established in the country, the first Islamic stock exchange and not only does it have the greatest number of listed Islamic bonds or sukuks, but also the largest ever sukuk issued.

Moreover, with its business clusters such as the Dubai International Financial Centre (DIFC), this has been a catalyst for the development of diverse range shariah compliant products. The Centre has allowed a number of Shariah compliant firms to develop their products and services. In terms of regulation Dubai through the Dubai Financial Services Authority has developed advanced level of regulation to supervise the firms within the DIFC. Dubai has shown that it can be innovative through the development of new shariah compliant products to meet the needs of an ever increasing and sophisticated investor.

Dubai Exports held a seminar to highlight Islamic Financial Opportunities in Germany and France which are two of the main economies within the Eurozone. The seminar was aimed at the very senior management within the Islamic financial services sector.

The German market poses great opportunities for Islamic Financing, with a population of 4 million Muslims that holds wealth of up to €25 billion. This potential is further bolstered by a significant rate of saving in Muslim households, which at 18% is nearly double the national average. Almost 83% of the total Muslim population identifies as religious, and consequently serves as an ideal customer base for products offered in Islamic Financing. This is even with a large demographic of young residents, where a 77% majority of the Muslim population falls between the ages 14 to 49 years.

"More than 70% of Muslims in Germany responded in a survey last year that they are interested in Islamic Finance products, and of these nearly 60% of respondents would consider availing of such services if offered by an existing German bank," stated Dr Baltz, who is a senior lawyer with Amereller legal Consultants and one of the speaker's at Dubai Exports' seminar.

Dr Baltz further added that, "A chief advantage for the development of Islamic Financing in Germany is the absence of any restrictive regulations that could hinder the practices and products of Islamic banking. This is partially because the Federal Financial Services Authority (BaFin), Germany's banking regulator did not recognise Islamic Financing until much recently, and thus there were no specific regulations surrounding Islamic banking products. "

Meanwhile, Dr Goepfrich, CEO of AHK Germany announced that, "Dubai with its expertise in the area of Islamic Financial services is an ideal partner for Germany firms seeking to enter the sector."

Although, foreign expansion is natural for Dubai's financial institutions they must however be aware of the implications of their domestic regulatory commitments. Judy Waugh from Al Tamimi and Company spoke at the seminar regarding this aspect. Waugh stated that, "sensible foreign expansion implies that firms adhere to both the home regulation as we alls that of their host country."

The door to foreign expansion has been possible as in recent years, a number of countries have taken the initiative of making the necessary changes to their legal and regulatory systems so as to allow Islamic financial institutions to be established and recognized at par with conventional financial firms.

"These changes provide considerable opportunities to our firms and we hope to capitalize on them" commented Al Awadi who also announced that AHK and Dubai Exports will be leading a Trade Mission consisting of financial institutions from Dubai to Germany and France in April of this year.

Source

Article from Global Islamic Finance Magazine