Friday, 5 July 2013

As British As Fish and Chips, the FA Championship and Sharia Banking

The Lord Mayor gave the delegates much food for thought when he declared that "in the 21st Century, Islamic Finance is as British as fish and chips and the FA Cup Final. It is an integral part of London's competitive offer. I look forward to seeing this market thrive and grow in the years to come."
An international outlook on and clear domestic demand for Islamic Finance - need to be supported by sound regulatory structures, suggested the Lord Mayor. "The Islamic Finance sector is a much valued component in the cluster of services offered by London and the UK, subject to the same regulatory requirements - whether that is in capital adequacy, governance, fairness to clients, the ability and integrity of staff at all levels. This is a strength of London as a centre for Islamic Finance - especially when allied to the strong ethical culture that is at the core and heart of the sector - and should be at the heart of all business," he added.
Alderman Gifford reminded delegates that the UK's National Infrastructure Plan provides fantastic opportunities for investors - as the country looks for new capacity and the renewal of the old, across power, water, housing, transport and waste disposal. "All of these offer opportunities which can be met
though Sukuk issuance or other Shariah-compliant means, by sovereign wealth funds and other pools of assets in state, corporate or individual hands" he added.

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