UK - The rise of Islam The UK has 22 banks that offer Islamic products, far more than any other other country in the Western world

www.ftadvisor.com - There has been much debate about the Arab Spring in the past 12 months, with the world’s eyes watching what this will mean for the rest of the globe.
At its very heart lies individual and societal freedoms, but what is particularly interesting is that it is likely to result in more democratically-elected Islamic governments with the promise of moral leadership and shares values. This in turn will result in much greater demand for Islamic finance and wealth management solutions.
The global Islamic finance industry is currently purported to be worth more than $1 trillion (£619bn). It is expected to continue to grow in line with the development and expansion of the financial markets generally with a growing number of new shariah-compliant stocks and sukuk – a financial certificate similar to a bond – and a general desire to assert a specific Islamic identity to social activities.
But while the term Islamic financial planning might conjure up images of the Gulf or north African regions, we believe the UK is, and will continue to play, a pivotal role in advancing the growth. (source)

IRELAND - West looks to the East for growth as Islamic finance comes centre stage

www.irishtimes.com - As the Muslim population is expected to rise twice as fast as the non-Muslim population, financial products to service this market could be in line for dramatic growth
WITH WESTERN financial markets still suffering the after-shock of the collapse of Lehman Brothers and the resulting credit crunch and Eurozone sovereign debt crisis, attention is now turning to the Middle East.
While Dubai may have been caught up in the global asset bubble, the region has emerged largely unscathed from the recent crises, paving the way for dramatic growth in Islamic finance. But what is Islamic finance and what does it mean for Irish investors?  (source)

UK - Islamic finance an opportunity for UK county Yorkshire

www.cipifinancial.net - Professor Ross Haniffa, Director of the Centre for Accounting and Accountability Research, believes Yorkshire should be taking the lead for Islamic finance in the UK.

In a statement posted on Hull University Business School’s website, Haniffa talks about the opportunities for Yorkshire businesses to get involved in Islamic finance.

“A significant proportion of the UK Muslim community lives and works in the Yorkshire region. Yet banks offering the Shari’ah-compliant services of Islamic finance are still few and far between,” he said.

He stated that over the last few years, there has been encouragement from the UK Government for the growth of Islamic finance in the UK through legislative adjustments and creating a supportive environment, but this has focused on promoting the financial centre of London.  (source)

UK - IFR Comment: UK needs to move faster to capture Dim Sum market

www.ifre.com - I do hope London’s efforts to develop into a global hub for offshore renminbi debt issuance (aka Dim Sum bonds) are pushed forward more aggressively than similar efforts to promote London as a global centre for Islamic capital markets.

That may sound a little harsh, given the existence of five fully Sharia-compliant UK-registered banks plus Islamic windows at a host of other banks in the UK. But Islamic finance continues to operate in something of commercial/wholesale backwater in the UK, while on the investment side, it’s kind of been pushed into the ethical investment bucket.  (source)

UK - OPINION - Highs and lows of 2011 and a wish list for 2012

“GOD gave you a gift of 86,400 seconds today. Have you used one to say ‘thank you’?” — Author unknown

I want to thank NST. Islamic Finance 2.0 is one year old.

In reflecting back and looking forward, there were exciting highs and disappointing lows.

The lows included:

# Early death of deputy governor Datuk Mohd Razif Abdul Kadir

# EIIB, one of five FSA approved banks in the UK, significantly downsizing operations, following the heels of Islamic Bank of Britain (IBB) parental rescue capital injection. (source)

LUXEMBOURG - European Islamic finance: still waiting in the wings

LUXEMBOURGFORFINANCE LFF.LU - Global Islamic finance assets have remained flat at around 1 trillion dollars, of which 6% is held in investment funds. This is the topline figure of the shortly-to-be-published 2011 edition of Ernst & Young's Islamic funds report, which has become a reference in the industry. It was also the only figure leaked by E&Y, at an Islamic finance seminar they hosted within the framework of the Luxembourg AIF Club. This did not dampen a debate on how to expand the market. (source)

OPINION - Identity banking : a new Islamic paradigm ?

Identity banking : a new Islamic paradigm ?

Source : http://islamicfinancenews.com/

Introduction

Islamic finance is – build upon the Shariah – a viable alternative to conventional finance.

For the individual Muslim, it offers a compliant financial product at a price that is competitive with the products from the regular interest-based deposit banks.  

Islamic banking indeed is not “for free”.  It is a business activity that is supposed to make maximal profits to guarantee its’ own sustainability, be it compliant to the standards as set forth in the Shariah.