We are proud to announce that the UK Islamic Finance Secretariat (UKIFS) has today been integrated into TheCityUK. Launched in March 2010, the UKIFS is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally.
Under our structure, efforts will focus on safeguarding and further developing the UK's strengths in Islamic Finance, ensuring it not only remains the West's hub for this financial specialism but continues to be a significant contributor on a global stage. This latest step will see the UKIFS' working group structures and member base integrated into our operations with members of our Board and Executive appointed to the Board of UKIFS. Richard Thomas, CEO of Gatehouse Bank is appointed Chair of the Working Groups and in conjunction with our executive, will support the development and growth of the UKIFS within the UK and its position as a global hub for Islamic Finance.
This market development comes at a time of strong growth in Islamic finance across the spectrum of financial and related professional services. There are currently 22 banks in the UK offering Islamic finance products, exceeding that of any other Western country. There were 5 sukuk listings at the London Stock Exchange in 2010 and one in early 2011, bringing the aggregate total at the LSE to 31 listings worth $18bn. Islamic funds managed in the UK have combined assets of $300m. The global Islamic finance market grew by 10% in 2009 to $1,041bn and our Islamic Finance Report estimates that the global market for Islamic finance grew at a similar rate in 2010.
Chris Cummings comments, "TheCityUK is looking forward to playing a key role in ensuring the UK's ongoing success as the leading Western provider of Islamic Finance. The integration of UKIFS into TheCityUK is a landmark development which will provide fresh opportunity to promote the Islamic Finance capability, building on the work undertaken by UKIFS' founding directors and by the Chartered Institute for Securities & Investment (CISI). This latest development will ensure the UK's capability in Islamic Finance can continue to evolve and we encourage firms to support this important initiative."
Endorsing the acquisition, Lord Green, UK Minister of State for Trade and Investment said: "As the undisputed leading Western hub for Islamic finance services, the UK has recognised the role of the sector in contributing to future economic growth. UKIFS has achieved a great deal in representing the industry since it was launched in 2010. I am pleased that it is becoming part of TheCityUK, in a move that will strengthen the promotion of the wider UK offer overseas. I wish TheCityUK and UKIFS every success for the future, and UKTI looks forward to supporting this exciting market development both at home and abroad."
No comments:
Post a Comment