Britain is “perfectly placed” to capitalise on the rapid growth of Islamic finance, a UK trade minister told a conference of industry experts in London.
Rona Fairhead, the former BBC Trust chair who was recently appointed to the Department of International Trade, said Britain is already leading the Western world in Islamic finance, with over 20 banks offering specific services in the sector — more than double the number in the US.
As the market continues to grow, London will remain the “pre-eminent location” to build out that expertise, Baroness Fairhead told the Islamic Insurance Association of London’s annual conference.
“There is no better place outside of the Muslim world to access Islamic finance and insurance,” she said. “The level of our support, government and industry support, for this burgeoning sector exceeds the comparisons elsewhere.
“We have in place an incredibly strong foundation, boasting expertise, experience and innovation in Islamic finance.”
She added: “My message here today is that we in government are here to assist.”
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UK set for rapid global growth in Islamic finance
Ministers gather in London to discuss Islamic finance
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The UK government’s eagerness to safeguard the sector’s growth is understandable at a time when London is fighting to retain its status as Europe’s financial capital.
A recent report by financial lobby group TheCityUK found that globally, the market for services in the Islamic finance sector increased by 7.5 per cent in 2015 to a record $2 trillion worldwide.
While that figure is impressive, it only makes up 1 per cent of global financial assets. At the same time, Muslims make up 25 per cent of the world's population. "It does not take a genius to conclude that this sector has extreme latent potential," Baroness Fairhead said. "Indeed, the sector is forecast to grow by almost 20 per cent next year."
As a result, there are “clear and significant opportunities for investment and further expansion”, she said.
There are now over 100,000 Islamic finance customers in the UK, she said. Britain hosted the World Islamic Economic Forum in 2013, making it the first non-Muslim country to do so. It was also the first Western nation to issue a sovereign sukuk. “Now the London Stock Exchange is the global hub of these bonds, with 65 issues to date totalling in excess of over $48 billion,” she added.
The UK financial regulator also recently authorised the first Sharia compliant fintech company — property investment firm Yielders. “And more are set to follow,” Baroness Fairhead said.
London also is one of the few global jurisdictions where Sharia-compliant firms and products are covered by a single, secular regulatory framework.
All of this, she said, explains why the UK is “perfectly placed to lead the growth in this sector”.
Baroness Fairhead praised the work of the Islamic Insurance Association of London since it was launched in 2015, saying it “illustrates that this city is leading rather than following: reinforcing the UK is the Western hub of Islamic finance through innovation and industry”.
She added: “Whilst London leads the way in Europe in the provision of Islamic financial services, we now have an opportunity to be at the vanguard of insurance provision too.”
On Brexit, the minister acknowledged the uncertain climate for businesses in the UK as they await the outcome of divorce talks with the European Union. But she assured the audience that the government is determined to secure barrier free access to the European single market, as well as a “time limited implementation period” to give businesses time to adapt after the official date of Brexit, in March 2019.
“I am confident that London will remain the premier financial centre of the world, with the financial services sector continuing to drive forward our economy,” she said.
“London is the most dynamic financial city in the word and for those in this room who are ready to take hold of this exciting growing market, I believe the rewards will be significant.”
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Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
MEDIEVIL%20(1998)
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SPECS
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U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
The five pillars of Islam
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Company%20profile
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