FRANCE - Paris seeks to become Islamic finance hub in Europe

www.zawya.com - A report prepared by KFH-Research stated that new global markets are seeking to join the main players in the Islamic financing industry and services, such as France. France is working relentlessly to make numerous legal and organizational reformations to facilitate the offering of Islamic financial services and products.
The report added that there is great potential for growth in the field of Islamic financial services in France, since France seeks to become a hub for Islamic banking in Europe. It noted that 1.5 million clients are willing to use Islamic banking tools and products, which equals USD 18.2 billion. In addition, French authorities have offered strong support to develop Islamic banking services, not to mention the high number of Muslims living there who seek Islamic banking services. However, the report mentioned that some legislations need to be amended. (source)

UK - BLME completes first Islamic banking deal in the renewable energy space in the UK

www.zawya.com - Europe's largest Islamic Bank announces £14m renewable energy deal with Global Marine Systems Ltd. London, 21 March 2012 - Bank of London and The Middle East plc (BLME), the largest Islamic bank in Europe whose main shareholders are Boubyan Bank and the Public Institution for Social Security, has today announced it signed a £14 million leasing deal with Global Marine Systems Ltd., the largest independent provider of submarine cable installation, maintenance and engineering services worldwide. Under the terms of the agreement, BLME will support Global Marine in the purchase and refit of an offshore power cable installation barge. Once completed, the barge will be uniquely suited for the installation of a full range of subsea power cables.  The increased demand for this type of cable installation barge is directly tied to the growth of offshore electricity transmission being constructed to connect the off-shore wind farms now being built throughout the North Sea and surrounding waters. (source)

UK - UK bids to remain West's top Islamic finance hub

www.zawya.com - London has been providing Islamic financial services for 30 years, but in recent years the industry has started to attain a greater profile.

The United Kingdom ranks ninth globally amongst countries providing Islamic finance services, according to a May 2011 CityUK report. That makes it the leading Western country and Europe's premier Islamic finance center with USD 19 billion of reported assets. London has been providing Islamic financial services for 30 years, but in recent years the industry has started to attain a greater profile.

Omar Shaikh, board member of the Islamic Finance Council (IFC) in Britain, thinks that this higher profile results from four main factors. (source)

RUSSIA - PRESENTATION - Abas A Jalil: Today and Tomorrow of Islamic Finance in the Russian Federation

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EUROPE - FRANCE - The Time is Now

There are growing calls from the industry for US and European politicians to ditch their skeptical line on Islamic finance and deploy sovereign Sukuk as a way out of a conventional debt-induced nightmare.

After months of deteriorating economic news, confidence in western government debt has collapsed and nervousness prevails in financial markets.

But a groundswell of opinion within the Islamic finance industry believes the moment has arrived for sovereign Sukuk to flourish. And France it seems, with its colonial ties to North and sub-Saharan Africa plus the Levant, has emerged as a front-runner. (source)

HUNGARY - Hungary hungry for IF

Hungary's first Islamic bank is on its way, says Istvan Kaknics-Ujhelyi, director of Hungary's Al-Gharnati Foundation and advisor to the mayor of the northern city of Eger. Hosszu Ferenc Ali Hasszan, a Hungarian currently undergoing Islamic banking training in Malaysia, told The Islamic Globe that Hungary is working towards opening its first fully functional Shari'ah compliant bank, called Magyar Iszlam Bank in the coming years.(source)

FRANCE - MOU Between Ijara Management Compagny (IMC) and Real Economy Partners (REP)

Ijara Management Company (IMC) a wholly owned subsidiary of The Islamic Corporation for the Development of the Private Sector (ICD) a multilateral organization, affiliated with the Islamic Development Bank (IDB) Group and REAL ECONOMY PARTNERS (REP) announced an exclusive partnership to develop Alternative Leasing (Crédit-Bail Alternatif) solutions for the French Market. (source)

RUSSIA - TATARISTAN - Sheikh Saleh Kamel announced he will invest $ 2.000.000 in Tatarstan

Yesterday the President of Tatarstan Rustam N. Minnikhanov hosted the delegation from the Chamber of Commerce of Jeddah, headed by the chairman of the Council of Chambers of Commerce of the Kingdom of Saudi Arabia, chairman of the Islamic Chamber of Commerce of Jeddah, Sheikh Saleh Abdullah Kamel. (source)

LUXEMBOURG - Luxembourg stands tall

You don't have to big to be mighty, and Luxembourg is living proof of that. This tiny land-locked nation at the heart of Europe has always punched well above its weight in terms of financial services, and despite its small geographical size and a population shy of half a million, Luxembourg can lay claim to being the world's second largest investment fund center after the US, the most important private banking center in the Eurozone and Europe's leading center for reinsurance. (full story - zawya)

ITALY - Barwa Bank official showcases new concept at Italian university

Barwa Bank, Qatar's newest Sharia'h compliant banking service provider, was invited to showcase the details and unique features of its new concept branch that was announced to customers in Qatar earlier last month.

The invitation came from Parma University in Italy where Hussain Fakhri, Head of Marketing Communications at Barwa Bank addressed the students of masters programme in Retail Banking, and explained the vision and concept behind the branch. (full story)

FRANCE - Dubai to increase Islamic Finance products to France

Dubai Exports, an agency of the Dubai Department of Economic Development (DED), in partnership with Invest France conducted an Islamic Financial Services Trade Mission to France. The Trade Mission included leading UAE companies in all areas of the Islamic Financial sector from advisory firms and specialists in structuring of products to Shariah scholars and investment banks.  


Engineer Saed Al Awadi, CEO of Dubai Exports, commented, "The principle aim of this trade mission is to ensure that our firms are able to capitalize on global opportunities in the sector. As such we plan to conduct similar missions to Canada which is considering regulatory changes to its taxation laws to incorporate Islamic financial services as well as Indonesia which is home to the world's largest Muslim population of over 130 million people.(full story)

UK - Bank of London and The Middle East plc ("BLME") receives a License from the Central Bank of Bahrain

Mr. Ahmed Al-Bassam, Director of Licensing & Policy, Central Bank of Bahrain (picture)

Manama, Kingdom of Bahrain - 8^th February 2011 - The Central Bank of Bahrain ("CBB") has granted a License to the Bank of London and The Middle East  plc ("BLME"), an FSA authorized Independent Wholesale Shariah-compliant bank based in London, to open an office in the Kingdom of Bahrain.

From its main office located in the city of London, BLME provides a wide range of Shariah-compliant banking services and advice to businesses and individuals, with a strong focus on Europe, the Middle East and North Africa regions, as well as the USA. The five core areas that set the foundations for BLME's offerings are Private Banking, Corporate Advisory, Corporate Banking, Asset Management and Markets division.

The Bahrain office will be BLME 's first overseas presence, through which the bank intends to tap the Middle East markets. (source)

UK - Bank of London and the Middle East $ Income Fund ranks in top decile for 2010

07 February 2011: Bank of London and The Middle East (BLME) today announced that its Sharia'a $ Income Fund has been ranked in the top decile of funds for 2010 by Lipper Hindsight, Thomson Reuters' fund ranking platform. This demonstrates the fund's good performance and its ability to provide a good balance between liquidity and return in a challenging environment. (source)