UK - Islamic fund house opens in UK offering suite of Shariah products

www.international-adviser.com - A new fund house has launched in London offering Shariah compliant funds in a Ucits structure to UK investors. Oasis Crescent, which has its new office in the Knightsbridge area of London, has been managing Islamic and conventional funds for more than 15 years, with £2.5bn (€3bn, $4bn) of assets under management, and operating within Europe for more than ten.
The company said the Islamic investment market in the UK is currently “under £1bn” but has the “potential to be between £120bn and £160bn".  (source)

UK - QIIB bid on IBB - Islamic Bank Britain - Form 8 (OPD) QIIB

FORM 8 (OPD)

PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER

Rules 8.1 and 8.2 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a) Identity of the party to the offer making the disclosure:	Qatar International Islamic Bank Q.S.C.
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient	As above
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each party to the offer	Islamic Bank (LSE: IBB.L - news) of Britain plc ("IBB")
(d) Is the party to the offer making the disclosure the offeror or the offeree?	OFFEROR
(e) Date position held:	19 June 2012
(f) Has the party previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?	NO

2.

POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates

Class of relevant security:	1p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	3,135,408,647	88.41	None
(2) Derivatives (other than options):	None		None
(3) Options and agreements to purchase/sell:	None		None
TOTAL (Other OTC: TTFNF.PK - news) : (source)

UK - EVENTS - TheCityUK Islamic finance - Managing Financial Stability : 25 to 26 June 2012

Date & time : 25/06/2012 08:30 - 14:00

Cost of event : Members Price - £550 / Non-Members Price - £550

Synopsis : Senior Islamic Finance experts are set to gather in London on the 25th - 26th of June 2012 at the inaugural Islamic finance - Managing Financial stability Challenges in a Dynamic Environment (MFSC Summit).

Location :Radisson SAS Hotel, Portman Square, London, W1H 7BG

Description : In light of the prevailing global economic conditions, the value of such a focused gathering in providing the platform for facilitating focused industry discourse that should help to nurture the environment for generating business in these difficult times has become all the more necessary. This gathering will address the challenges faced by the Islamic Finance industry and regulatory authorities in maintaining financial stability in the Islamic Financial Services industry. Key Summit sessions will focus on how regulatory standards can facilitate the enhancement of financial stability in the current challenging global environment.

The Summit seeks to address in detail the issues outlined below:

• Regulatory Challenges
• Corporate Governance & Market Discipline Challenges
• Legal Challenges
• Challenges of Developing Islamic Capital Markets
• Liquidity Management Challenges

For a listing of the full facility of MFSC summit speakers please click here.

To register, please click here.  For further information please visit the official website.

UK - Islamic Bank Britain - Offer Update

uk.finance.yahoo.com

FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

8 June 2012

POTENTIAL OFFER UPDATE

FOR ISLAMIC BANK OF BRITAIN PLC ("IBB")

Further to the announcement made by IBB on 6 June 2012, in relation to an approach from Qatar International Islamic Bank Q.S.C. ("QIIB"), a 88.41 percent shareholder of IBB, requesting the opening of discussions with the board of IBB with a view to QIIB making an offer for the IBB shares not already owned by QIIB, any such offer to be effected by way of a scheme of arrangement, QIIB has further confirmed that if any offer is made it is likely that it would be solely in cash.  (source)

UK - Qatari bank set to buy ailing UK lender IBB

www.thenational.ae - Qatar's Masraf Al Rayan is in discussions to become the biggest shareholder in Islamic Bank of Britain (IBB), a troubled Sharia-compliant lender.

Masraf Al Rayan, the biggest Islamic bank in Qatar, announced after a board meeting on Monday that it had entered negotiations to obtain a controlling stake in IBB through a capital increase.
"Masraf Al Rayan will acquire 70 per cent of the bank and the government of the state of Qatar will acquire the remaining 30 per cent," the bank said. "This is subject to obtaining approval of the official authorities in the state of Qatar and the United Kingdom." (source)

UK - IDB exploring microfinance options in UK

www.saudigazette.com.sa - LONDON — The Islamic Development Bank (IDB) is exploring social and financial inclusion opportunities in the UK including the provision of community-based microfinance, SMEs (small-and-medium-sized enterprises) financing and technical assistance programs.
 
An IDB delegation, led by its President Dr. Ahmed Mohammed Ali, participated in a roundtable here Monday with financial institutions, law firms, corporates and community organizations and leaders.

Dr. Ali said that in addition to the direct assistance to microfinance institutions, initial discussions have taken place with the UK’s Department for International Development (DFID), World Bank and CGAP to start some pilot projects in various common member countries and eventually develop a global Islamic microfinance facility.  (source)

UK - ADIB the first UAE Islamic bank to begin operations in the UK

www.cpifinancial.net - Abu Dhabi Islamic Bank (ADIB) has officially opened its London branch at the prestigious One Hyde Park at Knightsbridge. It becomes the first UAE-based Islamic financial institution to receive a banking operations licence from the UK Financial Services Authority and to offer full range of services to high net worth individuals. (source)

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 - An Interview with Sultan Choudhury, Islamic Bank of Britain

www.newhorizon-islamicbanking.com - IBB came into existence in August 2004 when the Financial Services Authority (FSA) granted the Bank its license. In September 2004 IBB became a UK publicly listed company on the Alternative Investment Market (AIM). The Bank’s vision was to offer Shari’ah compliant retail financial services and the journey began when the capital was raised by investors in the UK and the Middle East. The first step was to set up the infrastructure, processes and products as well as bring together the team.

This was followed by the setting up of a branch network. IBB now has a national branch and agency network in key locations including London, the Midlands and North West. To complement this, and to enable Shari’ah-compliant banking to be accessible to consumers across the UK, IBB also developed its Smart Banking facilities, i.e. telephone and internet banking.  (source)

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 - 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)

UK - Islamic Bank of Britain’s first ‘Islamic Finance Question Time’

www.cpifinancial.net - Islamic Bank of Britain plc (IBB) has held an exclusive event, entitled Islamic Finance Question Time – an open, public Q&A session hosted by the Bank’s Shar’ah Scholars.  Islamic Finance Question Time is the first event of its kind, and the only time a UK Islamic bank has given public access to the Scholars that form its Shari’ah Supervisory Committee (SSC).(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 - EIIB pre-tax losses rise

StockMarketWire.com - European Islamic Investment Bank's operating income rose by 95% to £9.7m in 2011 but pre-tax losses increased from £6.7m to £8.5m.

The underlying profit before tax for the year to the end of December - excluding the Arcapita provision - was £1.2m. (source)

UK - PUBLICATIONS - KL GATES : Recent Issues in UK Islamic Finance

2012 Lawrence Issues in Uk Islamic Finance

UK - PUBLICATIONS - Clifford Chance : New product documentation for Islamic Profit Rate Swaps 1 New product documentation for Mubadalatul Arbaah (Profit Rate Swaps)

2012 Clifford Chance New Product Documentation for Profit Rate Swaps

UK - PUBLICATIONS - Norton Rose :Takaful: An introduction

www.nortonrose.com / article here

Introduction

Takaful is the word used to describe Shariah compliant insurance.  It stems from the Arabic verb kafala, which means to guarantee.
A number of principles found in conventional contracts of insurance make them impermissible in Islam.
The most well known is that of interest (riba).  The presence of interest in both the contract of insurance and the investment of premiums renders the contract unlawful (haram).
Therefore in Takaful, the contract itself as well as any investment of the fund money would have to be Shariah compliant; investment of fund money should be transparent and monitored by a Shariah supervisory board and funds, banking and investments should be free of interest.
Aspects of gambling (qimar) and uncertainty (gharar) also pose problems in terms of the permissibility of insurance contracts.  Shariah law does allow uncertainty in certain circumstances, for instance in voluntary contracts; therefore the basis for the payment of a member’s contribution in Takaful is that of donation to fellow members.  In contrast to conventional insurance, the contract is one of donation rather than compensation.  (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 - Ethical Asset Manager Launches 'First Shariah-Compliant Investment Sukuk' for Muslim Investors

www.ibtimes.co.uk - Ethical Asset Management (EAM), a UK-based asset management firm that complies with Islamic Shariah law on finance, claims to have launched the world's "first true" investment sukuk (Islamic bond) for Muslims.

A multimillion equity-only investment fund will be raised in order to buy assets in Britain's booming student accommodation market as cities across the country struggle to meet the property needs of their university students.

The instrument will be called the Ethical AM UK Student Accommodation Investment Sukuk.  (source)

UK - Specialist proposes fatwa bypass on Islamic products

www.ftadviser.com - UK investors should consider self-certification of Sharia products to bypass the lengthy approval process, a leading designer of Islamic finance propositions has claimed.

Trevor Norman, director of Jersey-based fiduciary specialist Volaw Trust and Corporate Services, was speaking at the International Islamic Banking Finance summit in London. He suggested that UK investors and their advisers should be allowed to research products themselves instead of having to obtain a fatwa, or judgement, from a Sharia board. (source)