UK - UK Islamic Finance Secretariat welcomes Islamic Development Bank President to London

www.thecityuk.com -Following an invitation from the Lord Mayor of the City of London, President of the Islamic Development Bank (IDB), Dr Ahmad Mohamed Ali today visited London. 
In collaboration with Gatehouse Bank, TheCityUK’s UK Islamic Finance Secretariat (UKIFS) held a meeting at The Mansion House to enable representatives from across the UK Muslim community to meet Dr Ali and his accompanying delegation. At this meeting they discussed areas of potential market development, including microfinance within Islamic communities, job creation initiatives for women entrepreneurs and innovative methods for developing young Muslim talent.


Keith Phillips, Executive Director of UKIFS, commented: “I am delighted to welcome His Excellency Dr Ahmad Mohammed Ali and his delegation to London. His visit provides an ideal opportunity to demonstrate the UK’s undoubted strength as the leading western centre for Islamic finance. UKIFS aims to develop closer working ties with the IDB in its international work and important role in supporting innovation within the UK Muslim community.” (source)

UK - Gatehouse Bank seals $54.5m US property investment

arabtimes.com - Deal an example of turning crises into opportunities: Fahed Boodai 

KUWAIT CITY, Jan 9: Gatehouse Bank, a subsidiary of Securities House in Kuwait, announced Monday its successful delivery of a real estate realized investment in the sale of VA Oceanside Clinic, a medical facility near San Deigo, California, USA, for $54.5 million.
The announcement was made at a press conference by Chairman of Gatehouse Bank, Fahed Boodai. Talking to the media, Boodai said the property was purchased by Gatehouse in June 2010 for $44.8 million without any bank finance and sold in Dec 2011 for $54.5 million. (source)

UK - Islamic property deals buck the trend in UK investment gloom

With stock markets the world over recording huge losses over the last week and the volatility in the markets set to continue due to the euro zone sovereign debt crisis, concerns over the down grading of the US credit rating and the weak US and EU growth figures, investors are pondering which asset class to seek refuge in. Do they place safe by moving their funds into cash or commodities such as gold, or do they stay put in bonds and equities, or go for investments in “bricks and mortar” property investments? (source)

UK - Gatehouse JV into takaful

A lot of people have been saying that London is losing its way in terms of global Islamic finance, but the fightback could start here with the launch of GNL Insurance, the City’s first Takaful brokerage.
“We’re for the first time offering global corporations Takaful support from London, the world’s leading insurance market,” Richard Bishop, CEO of GNL Insurance told The Islamic Globe. (source)

UK - LUXEMBOURG - London and Luxembourg battle over sukuk listing domicile

London and Luxembourg are engaged in a friendly “battle of the listings domicile” especially for sukuk and Islamic investment funds, and its seems that the London Stock Exchange (LSE) currently has the upper hand on its counterpart in the Duchy, Luxembourg Stock Exchange.

In a short and simple announcement on June 1, the London Stock Exchange welcomed "the listing of another two sukuk bringing the total number of sukuk which have listed on the exchange to 33 and the total money raised to $19.4 billion." The two latest listings coup include the IDB Trust Services Ltd.’s $750 million Trust Certificates, and the SIB Sukuk Company II Ltd.'s $400 million Trust Certificates which are due on May 25, 2016. (source - arabnews)

UK - UK’s Islamic Finance capability assured as UKIFS is integrated into TheCityUK

We are proud to announce that the UK Islamic Finance Secretariat (UKIFS) has today been integrated into TheCityUK. Launched in March 2010, the UKIFS is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally.

Under our structure, efforts will focus on safeguarding and further developing the UK's strengths in Islamic Finance, ensuring it not only remains the West's hub for this financial specialism but continues to be a significant contributor on a global stage. This latest step will see the UKIFS' working group structures and member base integrated into our operations with members of our Board and Executive appointed to the Board of UKIFS. Richard Thomas, CEO of Gatehouse Bank is appointed Chair of the Working Groups and in conjunction with our executive, will support the development and growth of the UKIFS within the UK and its position as a global hub for Islamic Finance. (source)

UK - Britain gets boost from TheCityUK

The Islamic finance sector in the UK has received a major structural boost following the integration last week of the UK Islamic Finance Secretariat (UKIFS) into TheCityUK, the independent body promoting UK-wide financial and related professional services. UKIFS, which was established in March 2010, is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally. (source)

UK - EVENTS - Islamic Finance - Is it here to stay? (Cambridge - May 31, 2011)

Islamic Finance - Is it here to stay? 

31/05/2011

When:	31/05/2011 5:45pm - 7:00pm followed by a drinks reception
Where:	LT1 - Cambridge Judge Business School Trumpington Street Cambridge, Cambridgeshire  CB2 1AG United Kingdom
Contact:	Sharifah Bakar-Ali (sbb31@hermes.cam.ac.uk)

Schedule: 5:30pm: Registration 5:45pm - 7:00pm: Panel Discussion 7:00pm - 8:00pm: Drinks and canapé reception Registration Information

Online registration is available until: 29/05/2011 Register for this event » View the 1 person who has already registered (full story)

UK - The UK retains position as key Western centre for Islamic finance

The launch of TheCityUK's new report on Islamic Finance provides a landmark for promotion of the industry internationally as the UK maintains its position as the leading Western provider of Islamic financial services.

Richard Thomas, Chief Executive of Gatehouse Bank, said "Gatehouse Bank is pleased to support TheCityUK Islamic Finance 2011 report. As an active market participant in the growing community of financial institutions in the UK dedicated to delivery of sharia compliant solutions, we welcome this latest research that continues to raise awareness of achievements made by the UK Islamic financial services industry". (full story)

UK - Gatehouse acquires Rolls-Royce real estate for $87.9 million

Gatehouse Bank (Gatehouse) has completed the £52.7 million ($87.9 million) acquisition of the Rolls-Royce core manufacturing and logistics facility in Scotland


Delivering an annual cash yield of eight per cent, or £4.8 million ($8 million) over three years, the lease benefits from fixed rental uplifts of 1.5 per cent per annum with a 17 years' of certain term income.


Fahed Boodai, Chairman of the Board of Directors at Gatehouse Bank commented, “I am pleased to announce the completion of this high profile acquisition on behalf of our clients. The core manufacturing and logistics facility purpose built for and let to Rolls-Royce plc offers a one- of-a-kind opportunity that delivers maximum benefits to our clients.


“The superior financial covenant of a Grade A-rated blue chip company is undisputed and combined with the certainty and length of income provided by this transaction, these factors strengthen the return on investments for our investors. Ultimately, we are proud to deliver a gold-standard investment opportunity that is a rare and extremely valuable asset to have in the market.” (full story)

UK - TAKAFUL - Gatehouse Bank announces joint venture with Paul Napier

Gatehouse Bank plc, a wholesale Shariah investment Bank in London, has announced a joint venture with Paul Napier Ltd, a Lloyd's Insurance Broker based in London, to form Gatehouse Napier, the world's first Shariah compliant insurance broker offering premium Takaful and Re-Takaful commercial risk solutions in London.

Gatehouse Napier brings the best of talent and expertise from the City of London, home to the world's largest specialist insurance market and strong financial services regulatory environment, and also aspiring platform for the development of Shariah financial services. (full story)

UK - Gatehouse in £60m Sukuk

UK-based investment bank, Gatehouse Bank is planning a £60m ($97.8m) Sukuk by the end of Q1 2011, according to Richard Thomas, the bank's CEO.

Thomas was speaking to journalists at a conference in Abu Dhabi at the beginning of the week. (full story)

UK - UK not ready for Islamic finance

Baljeet Kaur Grewal, managing director and vice chairman of Kuwait Finance House does not think the UK is ready for Islamic finance at the retail level. Grewal, speaking at a seminar in London, was explaining why KFH had not opened offices in the UK. She explained that although KFH had executed a number of real estate transactions for private clients on it books, it had not started wholesale or retail operations in the UK. She said: “We’re a commercial profit-making organization, and we’ll go where we can make the most profit, or where the best opportunities lie.” She confirmed that KFH were opening up an office in Moscow, were talking to the French regulator about the development of Shari’ah compliant finance in France and had representation in Australia. (full story)

UK - UK's Gatehouse plans $97 mln sukuk by end Q1 - CEO

Feb 27 (Reuters) - Gatehouse Bank, a London-based sharia compliant investment bank, plans to bring a 60 million pound ($96.77 million) Islamic bond to market by the end of the first quarter, its chief executive said on Sunday. (full story)

UK - GATEHOUSE - Islamic Sukuks need real revision: Thomas ‘Gatehouse Bank has no speculative mandate’

Richard Thomas, CEO (source)

U.K. Cancels Sukuk, Focus on Economic Growth

The U.K., Europe’s largest market for Shariah-compliant financial products and services, canceled what would’ve been the first sale of sovereign Islamic bonds by a Western federal government as issues fell 15 percent in 2010.

“The U.K. government has decided not to issue sovereign sukuk because it is judged not to provide value for money,” a spokesman for the U.K. Treasury in London, said in an e-mailed response to questions Jan. 13. “It will keep the situation under review.” The Treasury has been mulling the sale of Islamic bonds denominated in pounds since at least April 2007.

AWARDS - IFN - Poll 2010 - Deal of the Year

European Deal of the Year

International Innovative Technologies US$9.5million Sukuk Musharakah

The financial crises took its toll on European deals in 2010. A revived Gatehouse Bank engaged in several real estate acquisitions and The Bank of London and the Middle East showed strength.  Curiously, the smallest deal is awarded the best deal. Millenium Private Equity structured a GBP6.1 million Sukuk on behalf of International Innovative Technologies. The Musharakah transaction is notable for creating a model that Millenium and other private equity firms may apply to UK and international acquisitions as they develop capital structures which allow efficiency and exits. Although the deal is small, the significance should be seen in its future application.

Turkey Deal of the Year

Kuveyt Turk Participation Bank US$100 million

Albaraka Turk Katilim Bankasi came to the market with a syndicated facility drawn in US dollars and Euros and Asya Katilim Bankasi successfully syndicated US$225 million. Indeed, the Turkish participation banks were very active in 2010. Kuveyt Turk Participation Bank’s Sukuk deal tops the two larger deals as it sets the framework for future issuances both from Turkey and the participation banking sector.

Sukuk Deal of the Year

Kuveyt Turk Katilim Bankasi winner

There is no denial that the Government of Ras Al Khaimah, 1Malaysia, the two Qatar Islamic Bank linked deals, the Cagamas deals, Islamic Development Bank, and Danga Capital (Khazanah) were among the best Sukuk deals in a good year.  But, the Kuveyt Turk Katilim Benkasi deal (See Deal of the Year) stands out clearly as it opens a new market for the global investor, and creates a model for future issuances from Turkey.

Full results are hereunder :

UK - UK leading the world in Islamic Finance

Manama, Bahrain: Following the success of the World Islamic Banking Conference (WIBC) in Bahrain, the UK has been praised as the leading Western centre for Islamic finance and one of the world's most attractive destinations for Islamic banks.

The conference, supported by UK Trade & Investment (UKTI), included an expert panel from the UK, which led debates on the future of the sector, both in the UK and around the world.

This panel included three members of the UK Islamic Finance Secretariat, as well as representatives of leading advisory firms.

UK - UK Islamic finance sector 'booming'

The Islamic finance industry in the UK has gone from famine to feast in the past six months, according to one of the country's leading Islamic institutions.

'We have seen more business transactions in the past six months than we achieved in the previous three years,' said Gatehouse Bank chief executive officer, Richard Thomas.

UK - GATEHOUSE BANK - Gatehouse completes acquisition of InterContinental Hotels Global HQ - Total acquisitions top 160 mln pounds

LONDON, Nov 1: Gatehouse Bank plc (Gatehouse), a wholesale Shariah compliant investment bank in the City of London, recorded another successful property acquisition with the completion of the £32.65 million acquisition of the InterContinental Hotels Group Global Headquarters in Denham, Greater London, UK; to bring Gatehouse’s total property acquisition value to more than £160million.