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Yaqub Yousuf, CEO of the International Holdings Group signing the Memorandum of Understanding for making Islamic Awards as part of IFTC 2009.
HE Shaukat Aziz the former Prime Minister of Pakistan and a renowned international banker addressing the IFTC 2008
Tan Sri Dato’ Azman Hj Mokhtar, the Managing Director of Khazana, National Berhad, Malaysia addressing the conference.
Gordon Brown's speech at the inaugural IFTC
"This important and groundbreaking conference, a conference that not only brings together so many distinguished leaders in commerce, business and community life, but sets the important long term ambition - and an ambition that I share with you - to make Britain the gateway to Islamic finance and trade."
Speech by Rt Hon Gordon Brown MP, at the Islamic Finance and Trade Conference, London.
IFTC 2008 Conference
Jack Straw:
"…one of the most important contributions of the Muslim community - indeed, to the tune of over £31 billion each year, by some estimates - is to our financial sector and economy.
This government is proud to have supported the development of the Islamic finance sector ever since 2003, when we first began to work towards establishing a level tax and regulatory playing field between conventional and Islamic finance. That same year, Howard Davies - then chair of the newly created Financial Services Authority - invited an audience of Middle East bankers to discuss the establishment of an Islamic bank in this country. As a result of this and the hard work of some in the audience, the first branch of the Islamic Bank of Britain opened in 2004 in Birmingham.
Islamic finance is now one of the most innovative financial service sectors in the UK. And London has established itself as a major global hub for Islamic finance and the key centre in the Western world.”
Stephen Timms:
"London’s openness to new influences and ideas – its connections all around the world – have given it a head start with Islamic finance. It is already the Western World’s major centre for Islamic Finance. 18 sukuk have been listed here, worth an estimated $13 billion between them, including, earlier this year, the first sovereign sukuk to be listed on the London Stock Exchange, from the Kingdom of Bahrain.
There are five dedicated Islamic banks in the UK and one Islamic insurance provider. We see there great examples – like MCB itself – of something I want to see many more of: distinctive institutions which are both Muslim and British. 100% faithfully Muslim. 100% loyally British. Both at the same time, with no hint of a conflict. Because in that way we shall see Muslims contributing more and more to British life – to our aims of a strong economy and a strong society, for the benefit of everyone in Britain.
We also have over twenty conventional banks that offer Islamic financial services. There are more banks here offering Islamic finance than in the whole of the rest of Western Europe put together.
According to rating agencies, Islamic banking assets grew at a rate of just under 20% a year between 2000 and 2007. They are estimated currently to be worth up to $700 billion worldwide.
This market presents huge long-term opportunities for London and for the UK. That is why the UK Government is working with the authorities and with industry to establish the City firmly as a global gateway to Islamic Finance."
Islamic finance in the face of Global Recession
With the credit crunch and adverse developments in financial markets and the potential for a global recession, there is a growing recognition of exploring more robust forms of financial intermediation. In this context what does Islamic Finance have to offer? Do the underlining principals of Islamic Finance have the potential to contribute to a more stable economy?
The 2012 Olympic Opportunity
With the momentum of the 2012 games the regeneration potential of parts of the city of London can be more readily realised with innovative solutions. There are clear opportunities here for utilising Islamic financial instruments, like Sukuk Bonds, to catalyse this opportunity. If successful, this model of regeneration and development can be replicated in most inner city areas in the UK and Europe. The 2012 Games also presents enormous investment potential for the business community, both in the UK and from abroad.
The above themes were explored and debated by leading Islamic finance providers, officials, financiers, scholars, business community leaders, high ranking officials of governmental and non governmental agencies from other countries including Malaysia at the Islamic Finance and Trade Conference 2007 (IFTC 2007) held in London. The conference was supported by HM Government with senior Ministers from key departments attending and Government Ministers addressing the conference.
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