UK to become a leading global centre for Islamic finance
The Economic Secretary, Ed Balls, has set out new measures to establish the UK as a leading global centre for Islamic finance.
In his speech to the Euromoney Annual Islamic Finance summit, Balls argued that the Government has a role in helping industry overcome barriers to the development of Islamic Finance in the UK.
This includes legislation in the Finance Bill 2007 to facilitate the UK issuance and trading of Sukuk – the Islamic equivalent of conventional securitizations - diminishing Musharka – the Islamic equivalent of a loan repaid in instalments and Takaful – a Shari’a compliant form of insurance - to be published alongside the Budget. He also stressed that Islamic finance will become a key priority of the work of the Chancellor’s High-Level Group.
The Government also welcomed industry developments, including a Memorandum of Understanding signed today between the International Capital Markets Association and the International Islamic Financial Market to set standards for Islamic Capital Markets. He also spoke of the launch of the Islamic Finance Qualification in October, a joint initiative between the Securities and Investment Institute, and the Ecole Superieure des Affaires, one of the leading business schools in the Middle East, to develop qualifications in Islamic Finance.
Ed Balls said: “I am pleased to be able to outline these reforms alongside the announcement of a Memorandum of Understanding to help set standards for Islamic capital markets. Today is an example of public and private sectors working together to fulfil our shared ambition of creating major international markets in Islamic finance with London as their centre.”
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The Economic Secretary, Ed Balls, has set out new measures to establish the UK as a leading global centre for Islamic finance.
In his speech to the Euromoney Annual Islamic Finance summit, Balls argued that the Government has a role in helping industry overcome barriers to the development of Islamic Finance in the UK.
This includes legislation in the Finance Bill 2007 to facilitate the UK issuance and trading of Sukuk – the Islamic equivalent of conventional securitizations - diminishing Musharka – the Islamic equivalent of a loan repaid in instalments and Takaful – a Shari’a compliant form of insurance - to be published alongside the Budget. He also stressed that Islamic finance will become a key priority of the work of the Chancellor’s High-Level Group.
The Government also welcomed industry developments, including a Memorandum of Understanding signed today between the International Capital Markets Association and the International Islamic Financial Market to set standards for Islamic Capital Markets. He also spoke of the launch of the Islamic Finance Qualification in October, a joint initiative between the Securities and Investment Institute, and the Ecole Superieure des Affaires, one of the leading business schools in the Middle East, to develop qualifications in Islamic Finance.
Ed Balls said: “I am pleased to be able to outline these reforms alongside the announcement of a Memorandum of Understanding to help set standards for Islamic capital markets. Today is an example of public and private sectors working together to fulfil our shared ambition of creating major international markets in Islamic finance with London as their centre.”
http://www.mortgagesolutions-online.com
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