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The event is being held in association with Advantage West Midlands, Marketing Birmingham, IBB (Islamic Bank of Britain) and IFAAS (Islamic Finance Advisory and Assurance Services). The event will take place at Aston Business School in Birmingham, UK
Islamic finance has been emerging as a viable corporate finance alternative in the UK, highlighted by several, public landmark transactions. These include the most recent in which a UK Islamic Bank purchased a Rolls Royce manufacturing and logistics facility located in Scotland. Others include the Qatari financing for Europe’s tallest building, the Shard of Glass and funding for the redevelopment of the Chelsea Barracks. This deal was valued at £959 million ($1.56 billion) and was the highest value UK land acquisition in history. (source)
Such high profile cases often overshadow the ongoing smaller Islamic finance deals that continue to be completed in the UK. For example, International Innovative Technologies (IIT) is a new technology development company specialising in design, precision engineering and manufacture of innovative products. The company issued the UK’s first Sukuk (Islamic bond) for £6 million ($9.78 million) in order to raise capital to finance further growth.
BLME, the London-based wholesale, Shari’ah-compliant bank, also provided a £10 million ($16.3 million) leasing facility to Ocado Ltd, the UK independent online grocer. Ocado is the UK’s only dedicated online supermarket. It sells groceries from its supermarket partner, Waitrose Limited, alongside major branded goods and a wide range of non-food lines. The leasing facility was used to finance a new automated picking line for its Hatfield Distribution Centre.
Commenting at the time of leasing was secured, Tim Steiner, Chief Executive Officer of Ocado, said, “We had not considered Islamic financing before, but found BLME’s competitive offering and highly experienced management team very attractive. Their appreciation of our business needs and the flexibility of their leasing terms made them the favoured choice for our current business requirements.” These deals demonstrate how transactions can be completed by UK and international companies within the UK’s tax and regulatory frameworks.
‘Islamic finance for Corporate UK’ event organisers have confirmed seasoned Islamic corporate finance experts Emad Yousuf Almonayea and Michael McMillen as keynote speakers. Emad Yousuf Almonayea is the Vice Chairman, Managing Director and the Chief Executive Officer of Liquidity Management House, a subsidiary of Kuwait Finance House. With more than twenty five years experience of investments and corporate finance, in both government and private sectors, Yousuf also holds key board positions in a number of companies.
Michael McMillen is head of the Islamic Finance practice at Fulbright & Jaworski LLP, New York, USA. Michael’s Islamic finance work includes: real estate, project finance and private equity projects, Sukuk and investment funds. An award winning- lawyer, Michael has received the Euromoney Magazine award for Best Legal Advisor in Islamic Finance twice. He has also received an award as Best Legal Advisor in Islamic Finance in North America.
Commenting on the forthcoming event, Sultan Choudhury, director at the UK Islamic Finance Secretariat (UKIFS) said, “Business growth is a key priority, particularly in this economic climate. As a result, senior executives are seeking alternative ways to secure finance to help them meet their growth targets. Islamic finance is an unexplored opportunity often overlooked by UK and European businesses. The ‘Islamic finance for Corporate UK’ event is the ideal forum for business leaders to learn more.”
Farrukh Raza, managing director of IFAAS theinternational Islamic finance consultancy, also added, “The quality and prominence of previous Islamic finance corporate deals has been very high. This highlights the growing influence of Islamic finance in the ‘boardroom’. The ‘Islamic finance for Corporate UK’ event therefore aims to extend the reach of Islamic finance even wider. It’s the ideal forum for businesses looking to take their first step in this unexplored territory.”
Omneya Abdelsalam, director of EIBF, also commented, saying, “ABS and EIBF are committed to the development of the Islamic finance industry and to delivering innovative solutions for the corporate sector. The ‘Islamic finance for Corporate UK’ event is a living demonstration of this commitment. Rising above the conventional format of business events, the programme will be structured on a dynamic basis to facilitate business discussions. The conference promises to go beyond simply delivering information to attendees; the aim is to deliver real business leads and financing opportunities for delegates. Given the pressing economic need for businesses to accelerate their growth, EIBF and Aston Business School look forward to offering business leaders this unique opportunity.”
The ‘Islamic finance for Corporate UK’ event will be held in Birmingham, UK. Birmingham holds a long standing reputation as the European hub for Islamic finance. The city is often dubbed as the Silicon Valley for the UK’s Islamic finance industry. It is home to the Islamic Bank of Britain, the first, standalone Shari’ah-compliant retail bank in UK and Europe. It also hosts a range of consultancy and professional services businesses offering specialised services to the Islamic finance sector. Many of these organisations, including IFAAS, have offices outside of the UK. As a result, Birmingham’s Islamic finance expertise has worldwide reach. Birmingham is also home to the first European research centre in Islamic Business and Finance, the El Shaarani Research Centre for Islamic Business and Finance (EIBF), part of Aston Business School.
Wouter Schuitemaker, Business Birmingham’s Investment Director, believes Birmingham is the ideal location to host this exciting event. He said, “As one of the largest financial and business services centres outside London, it makes perfect sense to host this conference in Birmingham. The city’s long-established financial services sector and its growing reputation as a centre for Islamic finance, has remained robust throughout the economic turmoil of the last few years and has been identified as a key driver in economic growth – on a local, national and international level. Business Birmingham is encouraging business leaders from UK and European corporates, to take full advantage of the extensive opportunities which will be highlighted at this unique event.”
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