Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Tuesday, March 11, 2008

Islamic finance initiatives boost UK’s global status

A high-level UK delegation to the Gulf region and an upcoming London Stock Exchange event are focusing on future opportunities in the Islamic Finance sector.

Lord Mayor of London David Lewis today begins a visit to the Gulf region to strengthen links with key players in the Islamic Finance sector.

The 12-day visit, running February 14-25, takes in Oman, Bahrain, Kuwait and Saudi Arabia and includes meetings with the prime ministers of Kuwait and Bahrain.

Opportunities available to Gulf countries in the UK's burgeoning Islamic Finance sector will be a priority topic for discussion.

UKTI part of delegation

Richard Thomas, chairman of Gatehouse plc and member of UK Trade & Investment Financial Services Sector Advisory Board (FSSAB), is taking part in the trip.

He explained: "The UK Government through legislative, regulatory and fiscal initiatives and private sector via new Sharia-compliant institutions such as Gatehouse plc have made enormous strides towards creating a level playing field for Sharia-compliant finance in the UK."

UK Trade & Investment minister Lord Digby Jones also emphasised the importance of the visit.

"The Lord Mayor will be visiting markets that offer enormous potential for UK businesses.

"These economies are growing steadily and while many businesses have already taken advantage of these markets, new investment opportunities continue to emerge in this region," he said.
LSE seminar explores future trends

Coinciding with the end of the Gulf visit, the London Stock Exchange (LSE) is hosting a half-day Islamic Finance seminar, 'The Development of Islamic Finance Products'.

Investment bankers, fund managers and other key industry players will gather on February 25 to examine the current state of the Islamic Finance market and look at its future development.

Areas of discussion include the benefits of trading Sharia-compliant products in London and practicalities such as listing sukuks in the UK and taxation issues.

It is billed as a key event for those currently involved in Islamic Finance or considering using Islamic financial products in the future.
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