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"The UK Islamic Finance Secretariat (UKIFS), part of TheCityUK, welcomes the launch of the Islamic Finance Task Force. UKIFS brings together government and industry to jointly promote the UK as a global gateway for Islamic finance.
"The key objectives of UKIFS are to co-ordinate and promote the development of Islamic finance in the UK as the primary contact point for UK government bodies including UK Trade & Investment, HM Treasury and the regulator.
"We will work with the Treasury to continue to support the development and promotion of Islamic finance and promote the UK as the Western centre of Islamic finance.
"More than ever, it is important for us to work with the policy makers to create a level playing field for Islamic financial institutions and to develop capital and solvency models that allow Islamic finance to operate with greater ease. We believe the Islamic Finance Task Force will help achieve that goal.
"The UK is Europe's premier Islamic finance centre with a reported $19bn of assets, putting it in ninth place worldwide. London's profile has grown in recent years, although institutions in the UK have been providing Islamic financial services for 30 years. An important feature of the development of London and the UK as the key Western centre for Islamic finance has been supportive government policies intended to broaden the market for Islamic products."
Key features of the UK Islamic finance industry:
- Around 20 banks, of which five are fully Sharia compliant, more than in any other Western country.
- The London Stock Exchange is a key global venue for the issuance of sukuk. To date over US$34 billion has been raised through 49 issues of these alternative finance investment bonds on the London Stock Exchange. Seven exchange trade funds and two exchange trade products are also quoted on the London Stock Exchange.
- Around 25 law firms supplying services in Islamic finance.
- Use of Islamic finance for major infrastructure projects in London such as the Shard of Glass and redevelopment of Chelsea Barracks.
- Advisory services provided by the largest four professional service firms.
- Qualifications in Islamic finance offered by four professional institutes and at least 10 universities and business schools.
