UK - Flying out for the summer

Cooling Islamic markets in Europe have spurred banks to send staff off to sunnier climes in the Middle East, according to the UK’s Islamic Finance Council.
In a bid to capture growth, UK Islamic banks are expected to follow the lead of European Islamic Investment Bank (EIIB), which recently shifted key personnel to Bahrain.
Islamic Finance Council board member, Omar Shaikh, said: “I wouldn’t be surprised if others do something similar to EIIB and formalize some of their operations in the GCC . The current arrangements are no longer fit for purpose.” (source)
Shari’ah business models “need tweaking” in the postcrisis slump in Europe, said Shaikh.



Source : http://www.theislamicglobe.com/enews/The_Islamic_Globe_No_22_130711.pdf - July 13, 2011