International Financial Services London (IFSL) will take part in the 2008 London Sukuk Summit which will be held at the Royal Horseguards in Whitehall on June 25 and 26.
The summit, whose theme is ‘Gearing up for UK Sukuk Originations’, is supported by the UK Treasury; the Financial Services Authority (FSA); the City of London Corporation and the Islamic Financial Services Board (IFSB).
It is also endorsed by the UK Trade & Investment (UKTI), the trade promotion body jointly funded by the Department for Business Enterprise and Regulatory Reform and the Foreign and Commonwealth Office.
An IFSL report on Islamic Finance published in January 2008 estimated that the global market for Islamic financial services has grown three-fold over the past decade to $531 billion in 2006. London is establishing itself as the key western centre for Islamic finance. The cluster of expertise in London is represented by banks, fund managers, international law firms, a secondary market in Sukuk and a growing market for retail mortgage business, a statement said.
IFSL is taking a leading role in the promotion of Islamic financial services available from the UK through its Islamic Finance Working Group, involving the private sector and government.
The Sukuk Summit will be addressed by a bevy of top local and international experts including Professor Rifaat A Karim, secretary general of the IFSB, the prudential and supervisory standard setting body for the global Islamic finance sector; Dr Abdur-Rahman Taha, CEO of the Islamic Corporation for the Insurance of Exports Credits and Investment (ICIEC), a member of the Islamic Development Bank (IDB) Group; Michael Ainley, head of Financial Institutions at the FSA; and Darko Hajdukovic, manager, Debt Products, London Stock Exchange.
IFSL sees the Sukuk Summit as a vital event in consolidating London as a major international hub for Islamic trade, finance and investment, which is in line with the stated policy of the UK government, it said.