News story

Group founded to boost London’s growing Islamic finance market

Announcement builds on the news that that Britain will become the first non-Muslim country to issue an Islamic bond.

The government has announced the latest part of its plan to make Britain one of the world’s leading Islamic finance centres.

Building on the Prime Minister’s announcement that Britain would become the first non-Muslim country to issue an Islamic bond, the Financial Secretary to the Treasury, Sajid Javid unveiled the Global Islamic Finance and Investment Group at the World Islamic Economic Forum in London.

The Group, chaired by the Rt Hon Baroness Warsi, will include members from key Islamic finance centres, including Chief Executives and Central Bank Governors from Kuwait, Bahrain, Qatar, UAE, the UK and Malaysia. It will meet regularly to identify and address the critical factors that will drive the global Islamic finance market over the next 5 years.

Bringing together senior experts and practitioners from industry and governments the group will meet for the first time in January 2014 to consider the issues surrounding Islamic finance and how best to work together to promote its development. Drawing on London’s experience as a leading global financial centre, the group will play an important role in helping to grow the Islamic finance market going forward.

Sajid Javid said:

I am delighted that the government is establishing this Group. We are competing in a global race and it is crucial that we, as a country that is open for business, know what we need to do to take advantage of the Islamic finance opportunities that are out there.

The Islamic Finance and Investment Group will be perfectly placed to pick up on developing trends and will have the expertise to help Islamic finance grow globally, as well as developing London as one of the world’s leading Islamic finance centres.

Final scope and membership will be confirmed at the Dubai Global Islamic Economy Summit next month.

Photo courtesy of gorfor on Flickr. Used under Creative Commons.