UK - Birmingham is first choice for Islamic finance’s finest

The current economic climate has led many organisations to review the way they manage their financial operations and raised awareness of alternative methods of finance, such as Islamic finance, which offer a more risk averse approach than traditional Western banking. 

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 and holds some impressive credentials in this sector. It is home to the Islamic Bank of Britain (IBB) - the first standalone Sharia compliant retail bank in the UK and Europe. It also hosts a range of professional consultancies offering specialised services to the Islamic finance sector. Many of these organisations, including the Islamic Finance Advisory and Assurance Services (IFAAS), have offices outside of the UK. As a result, Birmingham’s Islamic finance expertise has worldwide reach.(source)

Birmingham is also home to the first European research centre in Islamic Business and Finance - El Shaarani Research Centre for Islamic Business and Finance (EIBF), part of Aston Business School. Dr Omneya Abdelsalam, Director of the EIBF Centre, said:

Through our El Shaarani Centre, we are continuing to educate the next generation of Islamic economists and business leaders – both nationally and internationally. Our research has enabled us to study how mainstream financial institutions can learn from Islamic finance practices in their recovery and avoidance of the next global economic crisis.

EIBF recently hosted a one day conference, Islamic finance for Corporate UK, which aimed to raise awareness of the vital role Islamic finance can play in driving local economies. As part of its strategic approach to driving inward investment, Business Birmingham was one of the sponsors and speakers at this important event which was attended by over 40 international delegates.
Investment Director, Wouter Schuitemaker, attended the event on behalf of Business Birmingham and showcased the reasons why Birmingham was the perfect choice to host this prestigious conference and the ideal location for further Islamic finance operations.
He says,

Birmingham’s financial services sector has remained robust despite the current economic climate and this is testimony to the existing support networks which are in place. The city is continually looking to improve its proposition to potential investors and Islamic Finance is an alternative banking system which is growing at a phenomenal rate.

The all day event, also supported by Advantage West Midlands, IBB and IFAAS, was attended by senior figures from UK and European corporations and Islamic finance professionals. Delegates listened to a variety of presentations including key note speakers, Emad Yousuf Almonayea and Michael McMillen who shared their extensive expertise on the role Islamic finance can play in generating business growth.
Schuitemaker continued,

The event at Aston provided a great opportunity to hear from some extremely well respected figures in this sector and aimed to unravel some of the mystery around Islamic banking which differs so greatly from the way the West traditionally views this sector. The fact that Birmingham was chosen to host the event shows the confidence held in our city and its wider financial services sector.

Schuitemaker’s sentiments were echoed by other leading industry figures including Sultan Choudhury, managing director, IBB, who said:

The ‘Islamic finance for Corporate UK’ event was well attended. It helped delegates to understand more about Islamic finance and the potential role it could play to boost their business growth. With Birmingham home to a number of leading Islamic finance organisations, including IBB, it was clear why the city was chosen to host this event.

Farrukh Raza, managing director, IFAAS stated:

Birmingham is gaining a strong national and international reputation as a hub for Islamic finance. This can partly be attributed to the continued success of businesses such as IFAAS who represent the Islamic finance sector in the UK, Europe and Middle East. The event at Aston University was therefore an excellent showcase. It displayed both what the Islamic industry can offer to businesses as well as Birmingham’s enviable expertise in this growing sector.

Dr Abdelsalam summed up the day’s events saying:

I am truly grateful to everyone who took part in and supported the Islamic Finance conference. It brought together key personalities within this specialist and fast growing sector, the collective contribution of whom, added value and enriched the programme.

Source : http://businessbirmingham.com/media-centre/latest-news/first-choice-for-finance - July 21, 2011