UK - London Islamic bank eyes Mideast expansion, woos Gulf residents

www.gulf-times.com - Shariah-compliant Bank of London and the Middle East (BLME) is targeting the thousands of rich Gulf residents who have ties to the UK to boost its corporate and private banking business. Britain’s largest standalone Shariah bank was set up in London in 2006 and does not have a presence in the Middle East, although expansion into this region was always part of the long-term plan.
It is now awaiting regulatory approval to start operations in the Gulf, initially with a representative office this year, and a branch or subsidiary in the longer term, chief executive Humphrey Percy told Reuters in an interview.
“The premise on which we set up BLME, which was to send skills and products and services and human capital in both directions, between London and the Middle East ... is just as valid now as in 2006,” said Percy.  (source)

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)

UK - GCC investments in Jersey total $31.37bn

The not-for-profit Jersey Finance opens Abu Dhabi office to tap Gulf wealth from family offices and high networth individuals even as currency fluctuations erode values.

As much as $31.37 billion of investment from the Gulf Cooperation Council (GCC) nations is parked on a 45-square-mile speck on the world map. (full story)

EU - PUBLICATIONS - The EU and the GCC: Challenges and Prospects under the Swedish EU Presidency

Title : The EU and the GCC: Challenges and Prospects under the Swedish EU Presidency
By :Christian Koch, Leif Stenberg
Publication Date : September 2010
Publisher : Gulf Research Center
Publication Category:GRC Books
No of Pages : 130 Pages
Price :10 USD
Digital Copy , Hard Copy
File Size : 943.69 KB

3 - Islamic Banking and Finance and Its Role in the GCC-EU Relationship: Principles, Developments and the Bridge Role of Islamic Finance - Mehmet Asutay - p. 53-54
"...IBF’s contribution to the EU economies is unquestionable ...The lack of a common financial system in the EU  will complicate the task of expansion of IBF, but the experiences and social capital of the countries that have already adopted the system will help other countries to locate ways in which they can make amendments to their legal and regulative environment.
For example, the French financial authorities benefited from the British experience and the Italian financial environment followed the French and the British example.
This paper suggests that in addition to its contribution to the economies of the EU countries, IBF can play an important role in reconciling the political differences between the GCC and the EU countries, and hence can act as a bridge to civilizational dialogue...."

Publisher : http://www.grc.ae/index.php?frm_module=contents&frm_action=detail_book&frm_type_id=&pub_type=4&op_lang=en&sec=Contents&book_id=70877