A Look At The Evolution Of Islamic Finance In The UK

Photo : UK Central Bank - The Bank of England

Bashar Al Natoor, Global Head of Islamic Finance at Fitch Rating looks at the historical evolution of Islamic Finance in the UK.

Mr Al Natoor highlights the central role the UK plays in the global Islamic finance industry covering three areas. Firstly the role of English law in underpinning global sukuk contracts and Islamic financial contracts, secondly the London Stock Exchange being a global hub for the listing of global sukuk, and finally London leveraging off its status as the global home of conventional finance to offer auxiliary financial services.

Historical developments which allowed London to emerge as the leading global centre for Islamic finance is also discussed, as well as more recent developments including the Bank of England’s consultation paper on developing Islamic liquidity for the domestic Islamic banking sector and her Majesty’s Government underwriting an international sukuk for Emirates airlines.

 

RECENT NEWS

GCC Trade With India, Brazil Of Growing Significance As It Reaches $195bn, Says Al-Budaiwi

RIYADH: Trade between the Gulf Cooperation Council and its partners India and Brazil reached nearly $195.1 billion in 20... Read more

Future Investment Initiative To Kick Off 8th Edition In October

RIYADH: Developing new strategies to address global challenges will be a key topic at the eighth edition of the Future I... Read more

AMAK Joins Hands With UK Firm To Advance Exploration In Saudi Arabia

RIYADH: Saudi firm Al-Masane Al-Kobra Mining Co. has signed a letter of intent with UK-based Power Metal Resources to es... Read more

Saudi Industrial Production Index Rises 1.6% In July On Manufacturing Growth 

RIYADH: Saudi Arabia’s Industrial Production Index rose 1.6 percent in July, compared to the same month last year, dri... Read more

Closing Bell: Saudi Main Index Rises To Close At 11,986

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 23.7 points, or 0.2 percent, to close at 11,9... Read more

Saudi Arabia To Scale Back Debt Issuance In H2: Fitch Ratings

RIYADH: Saudi Arabia plans to reduce its debt issuance in the second half of 2024, thanks to substantial dividend paymen... Read more