UK Excellence in Islamic Finance

ukti.gov.uk/invest Contents

Foreword 01 Newcastle University Business School Eiger Trading Advisors Ltd 47 Islamic Finance and Law Studies 26 Welcome 03 Ernst & Young  48 The Oxford Centre for Islamic Studies 27 UK Excellence in Islamic Finance 04 IFAAS 49 University of East London’s  Investing in UK Infrastructure  The Islamic Finance Council UK 50 Royal Docks Business School 28 and Regeneration Projects 06 KPMG 51 What is Islamic Finance?  09 Banking 29 London Stock Exchange  52 History of Islamic Finance in the UK 10 ABC International Bank plc PwC LLP 53 Development of Islamic  Islamic Financial Services 30 Simply Sharia  54 Financial Institutions in the UK 12 Abu Dhabi Islamic Bank (ADIB) 31 Regulatory Development  The Bank of London  Legal 55 of Islamic Finance in the UK  13 and The Middle East 32 Allen & Overy 56 Islamic Finance Education in the UK 14 Citi: Leader in Global Islamic Banking 33 Ashurst LLP 57 Business Profiles European Islamic Investment Bank Plc 34 Clifford Chance 58 Education and Training 16 Gatehouse Bank plc  35 Dentons 59 Aston Business School  17 HSBC 36 Freshfields Bruckhaus Deringer LLP  60 Bangor Business School 18 Islamic Bank of Britain 37 Hogan Lovells 61 Cambridge Judge Business School, J.P. Morgan 38 King & Spalding 62 University of Cambridge 19 Mashreq 39 Linklaters 63 The Centre for Islamic Finance  Standard Chartered Saadiq 40 at the University of Bolton 20 Norton Rose Fulbright 64 QIB (UK)  41 Centre of Excellence for Professional SGH Martineau LLP 65 Training in Islamic Finance  21 Simmons & Simmons 66 Financial and Professional Services 42 Durham Islamic Finance Programmes 22 Trowers & Hamlins LLP 67 Aberdeen Asset Management 43 The ICMA Centre at the Henley Business School 23 Cobalt Underwriting 44 Get the support you need to succeed 68 The Islamic Finance Qualification (IFQ) 24 DDCAP Group 45 London School of Business  Deloitte 46 and Finance 25 UK Excellence in Islamic Finance  01

Foreword The future of Islamic finance in the global economy looks bright. With 10 of the world’s 25 fastest growing markets in Muslim- majority countries, industry forecasts estimate that Islamic investments might grow to £1.3 trillion by 2014.

The UK – and London in particular – has already become a centre  for Islamic finance. More than a dozen banks deliver Islamic finance transactions. There is hardly a large professional services firm that does not have specialist Islamic finance teams. And Islamic finance has helped transform London’s skyline by financing in whole or in part developments such as The Shard, Chelsea Barracks, Harrods and  the Olympic Village. I am therefore delighted that London is the first city outside of the Islamic world to host the World Islamic Economic Forum (WIEF), demonstrating the UK’s position as a global partner of choice for Islamic finance with the expertise, innovation and services fundamental to the industry’s growth.

Rt. Hon. David Cameron MP Prime Minister

UK Excellence in Islamic Finance  03

Welcome As the Ministerial lead on Islamic Finance, I am delighted to showcase the incredible opportunities for Islamic finance in the UK.

With outstanding specialist expertise and leading global services and academic institutions, the UK’s offer of excellence in Islamic finance  is truly unique. This brochure provides an overview of the Islamic finance landscape in the UK; mapping the sector’s history, its phenomenal rise and outlining the unrivalled knowledge, expertise and experience the UK offers across all sectors from education to international law and banking. Business profiles from key industry players illustrate the exceptional financial and professional services offered within the UK and provide contact details for those wishing to find out more. As this brochure outlines, the UK is determined to be the global destination for  Islamic finance. That’s important, because the industry is set to grow significantly in the years ahead. With a potential market base of more than 2 billion people, it is not surprising that Islamic finance investments globally  are forecast to grow beyond $2 trillion in 2014. The UK is well-placed to play a key role in this expansion. It is no coincidence that London was chosen to host the 9th World Islamic Economic Forum – the first time the prestigious event has been held outside the Muslim world. This demonstrates – like the content of this brochure – that there has never been a better time to take a look at  just how much the UK has to offer.

Rt. Hon. Baroness Warsi PC Senior Minister of State at the  Foreign and Commonwealth Office 04 UK Excellence in Islamic Finance

UK Excellence in Islamic Finance

The UK has been providing Islamic Financial Services for over 30 years and Government policy over the last decade has created a fiscal and regulatory framework that encourages the growth of Islamic finance.

The global market for Islamic finance playing a major role. Domestic banks  Regional centres of excellence are at the end of last year was worth are also meeting the demand for now established. In the field of around US$1.3 trillion according to  Islamic finance services through  education new standards and the UK Islamic Finance Secretariat. the expansion of their Islamic  qualifications in Islamic finance are The total value of Sharia compliant finance offering. being offered by four professional assets has grown by 150 per cent since institutes and at least ten universities Islamic finance is increasingly being 2006. The UK is the leading western and business schools across the UK. used in major infrastructure projects country and Europe’s premier centre in the UK such as The Shard of Glass, The London Stock Exchange is a key for Islamic finance with US$19 billion the Olympic Village and the global venue for the issuance of of reported assets. redevelopments of Chelsea Barracks Sukuk. To date over US$34 billion has The removal of double tax on Islamic and Battersea Power Station. There  been raised through 49 issues of mortgages, the extension of tax relief is potential for further funding of  these alternative finance investment on Islamic mortgages to companies as the UK’s infrastructure requirements bonds on the London Stock Exchange. well as to individuals, and the reform given the Government’s positive  Seven exchange trade funds and two of arrangements for issues of debt and progressive attitude towards exchange trade products are also have resulted in the United Kingdom Islamic finance. quoted on the London Stock Exchange. becoming the key western gateway We have the largest legal services With all these factors in place, the for Islamic finance with London as its market in Europe and as part of this potential for growth in UK-based world leading financial services centre. over 25 law firms with offices in the UK Islamic financial services is More than 20 international banks are supplying legal services relating  immeasurable. The UK financial operating in the UK are working in to Islamic finance for the global and services sector is a springboard for Islamic finance. Six of these are fully domestic markets. global growth and the partner of Sharia compliant, more than any other choice in the delivery of Islamic finance The UK’s largest accountants, country in Europe. British banks are excellence in the western world. consultants and professional service also active in the international Sukuk firms all have Islamic finance market. Global Sukuk issuance  departments providing trusted in the first quarter of 2012 was advisory services to UK and US$43.3 billion, almost half the total international clients. for the whole of 2011 with UK banks

06 UK Excellence in Islamic Finance Investing in UK Infrastructure and Regeneration Projects

With a successful and robust regime for delivering investment in infrastructure and regeneration projects, the UK has the potential to offer a huge and exciting range of new opportunities for Sharia compliant investments.

With foreign ownership (shareholding) The National Infrastructure Plan Investment in the UK’s currently standing at around 40 per This sets out the UK’s ambition for Regeneration Sector cent, the UK has proved an attractive infrastructure investment: There is great investor confidence in market for global investors. the UK regeneration sector. Figures ——Progress in all areas implementing show the total floor space completed Recent overseas investments include: the National Infrastructure Plan 2011; in 2012 was 600,000 square metres ——Masdar’s 20 per cent investment  ——£330 billion of infrastructure – double that for 2009-2011 – and in London Array Offshore Wind; investment over the next ten years; current projects underway in the UK will lead to the development of ——Cheung Kong Infrastructure’s ——Additional public investment in 220,000 homes. purchase of Northumbrian Water Infrastructure as part of Autumn (£2.4 billion); Statement 2012; There is a strong pipeline of investment opportunities covering  ——The acquisition of the Battersea ——Priority focus on Transport, Energy, all land uses, scales and stages  Power Station project by a Communications and Water & Waste of development. Over £100bn  Malaysian Consortium sectors; of investment is required for (£400 million); ——A list of 40 priority programmes and regeneration projects currently  ——Advanced Business Parks £1 billion over 550 infrastructure projects in progress. commitment to develop a new Asia that the Government is committed The key ‘shovel ready’ regeneration Finance District in East London; to deliver in partnership with the projects requiring further investment private sector; ——Marubeni’s acquisition of 49.9 per and development partners to unlock cent of the Gunfleet Sands offshore ——Over 85 per cent of the expected further stages consist of: wind farm (c. £200 million); and investment private or part-private ——In excess of 150 projects with values funded; ——Global Infrastructure Partners of over £100m; purchase of Edinburgh Airport ——Prioritising the delivery of these ——100 projects with values over (c. £800 million). programmes through the creation £250m; of an Infrastructure Cabinet Committee. ——Over 40 projects requiring £500m or more investment; ——25 projects with investment requirements in excess of £1bn. UK Excellence in Islamic Finance  07

Summary of Private Sector Investment in UK infrastructure

Energy Offshore Wind: A potential investment programme in excess of £100 billion Nuclear: Up to eight individual sites with capital value per project of £8-9 billion Offshore Transmission: An investment programme of £15 billion to support offshore wind projects High Speed 2: A high speed rail line from London to the North. Potential investment value estimate

of c. £32 billion Transport Rolling Stock: Investment value of £6 billion to 2014 Ports: Opportunities for turbine manufacturing investment in support of offshore wind

programme and opportunities to support post-Panamax container facilities Water Thames Tideway: New waste water tunnel. Capital value £4.2 billion Atlantic Gateway: A £75 billion regeneration and infrastructure development in North West England Combined Olympic Park: The £9 billion redevelopment of the Olympic Park following the 2012 London Olympics Urban Regeneration: A pipeline of over £100 billion of significant urban regeneration and

development opportunities across the UK

20 Priority Infrastructure ——New Lower Thames crossing* Priority Regeneration Projects Projects under the National ——New nuclear investment within the UK Infrastructure Plan ——Barking Riverside* ——Northern Line Extension to ——Crossrail * Battersea ——Clyde Gateway ——East Coast Main Line * ——Northern rail connectivity  ——Greenwich Peninsular * ——Gas investment (CCGT) (Liverpool to Newcastle including ——Liverpool Waters* ——Gatwick capital investment Northern hub) ——Nine Elms* programme ——Rail infrastructure and rolling stock ——Paramount Themepark* ——Heathrow capital investment enhancement* ——Titanic Quarter* programme ——Smart meters* ——Queen Elizabeth Olympic Park* ——High Speed Two ——Thameslink ——Wirral Waters* ——Intercity Express Programme ——Thames Tideway Tunnel* ——King’s Cross Station improvements ——Urban broadband fund – Super ——London Underground investment connected cities programme ——Wind energy investment* ——Mersey Gateway Bridge

To find out more about these and UK Trade & Investment, other major opportunities and Institutional Investment advice on how these can be  & Infrastructure tailored to Islamic investment, 1 Victoria Street please contact: London, SW1H 0ET +44 (0)20 7215 2809 [email protected]

*projects most suited to private sector investment

UK Excellence in Islamic Finance  09

What is Islamic Finance?

Established in 1975 with the formation of the Islamic Development Bank, modern Islamic finance is, in relative terms, at the beginning of its lifecycle. However, the underlying financial principles of the industry remain unchanged since their origin over 1,400 years ago.

The framework of an Islamic financial These principles of Islamic finance Strict due diligence is needed to system is based on elements of Sharia mean that methods to undertake assess the viability of a business (the law of Islam) which governs transactions differ from conventional proposal before funding is agreed  Islamic societies. Sharia originates finance. Common Sharia compliant and any proposed venture must be from two principal sources; the Quran instruments include: certified as Sharia compliant by an and the teachings and practices of the expert (Scholar) of Islamic law. Certain Sukuk: Islamic type of bond Prophet Muhammad. investments deemed non-ethical  representing the ownership by the or incompatible with Sharia law The fundamental concept of Islamic Sukuk holders in the underlying asset; (Haram) are forbidden, including finance is that money has no intrinsic Murabaha: Asset purchased by the business relating to alcohol, pork value and should only be used as a bank and sold on to the customer  products, conventional financial measure of worth. Sharia compliant with an agreed mark-up; services, gambling, pornography, investments are structured on the weapons and defence. Conversely, exchange of ownership in tangible Ijara: Asset purchased by the bank investment based on the core values assets or services with money acting and leased to the customer over a of promoting social justice and the simply as the payment mechanism  specified period; economic prosperity of the whole to effect the transfer. Musharaka: Investment partnership community is encouraged. The taking or receiving of interest in which profit sharing terms are (Riba) is strictly prohibited as, under agreed in advance and losses are Sharia principles, money is not attributable to the sum invested. valuable in itself and no charge should Similar to a joint venture agreement; be made for its use. Islamic financial Mudaraba: Partnership financing principles also prohibit speculation contract under which one party (Gharar), precluding any involvement provides the labour whilst the other in gambling (Maysir) or extreme provides the capital; uncertainty. Any risk in a transaction must be shared between at least two Takaful: Mutual insurance. parties, meaning that investors and entrepreneurs alike must bear the business risk for a share in the profit. 10 UK Excellence in Islamic Finance

History of Islamic Finance in the UK

Islamic finance has a long history. However, it has only developed on a global scale over the last 30 years. By Sharjil Ahmed

In that relatively short space of time It was not until the industry received As the industry has developed the the industry has grown rapidly and  political and regulatory support that breadth of products and services has the global market now exceeds momentum started to build. In 2000 improved and now compete with the US$1.1 trillion in assets with 716 Islamic an Islamic finance working group was offerings of conventional financial financial institutions spread over 61 set up under the leadership of Andrew institutions. In 2012 the UK was ranked countries making over US$13.1 billion Buxton, former Chairman of Barclays the 9th largest country by Sharia in profit1. Islamic banking assets are Bank and Eddie George of the Bank of compliant assets with more than forecast reach US$1.8 trillion this year2. England. The working group included 20 institutions offering Islamic finance representatives from the Treasury, and six wholly Sharia compliant banks. Islamic finance aims to create business FSA, the Council of Mortgage Lenders, activities that generate a fair and The Sukuk (Islamic bonds) market is financial institutions and members of equitable profit from transactions that the engine room of the Islamic finance the Muslim community. are backed by real assets. This method market and London, as a major centre of financing avoids usury, uncertainty, Since the formation of this working for the issuance and trading of short selling and excessive credit group the UK Government and International bonds is a natural home creation whilst encouraging sound  regulators have attempted, through to list and trade Sukuk. A total of risk management procedures. the addition of Alternative Finance US$34 billion has been raised through clauses to various Taxation Acts, to 49 issues of Sukuk on the London Islamic finance reached the UK in  create a market environment where Stock Exchange (LSE). The first Sukuk the 1980s with the first commodity Islamic banks and their clients are  listed on LSE was for the UAE-based Murabaha transactions and the not treated any differently to their National Central Cooling Company launch of the first UK Islamic bank,  conventional counterparties.  (Tabreed) for the amount of Al Barakara International in 1982. For example Stamp Duty Land Tax  US$200 million in 2007. There are During the 1980s a number of was amended in order to remove also Sharia compliant institutions investment banks offered bespoke double stamp duty on Sharia listed on AIM and seven Sharia Sharia compliant products to their compliant mortgages. compliant Exchange Traded Funds Middle Eastern clients, mostly in the (ETFs) based on Islamic indices listed areas of trade finance, leasing and on the LSE. project finance. UK Excellence in Islamic Finance  11

The London Metal Exchange (LME) The robust regulatory framework, In addition to these educational, is becoming an important avenue for supportive Government and strong regulatory and market developments the growth of Islamic finance globally. history of financial innovation attracts the UK is a vibrant, multicultural and The LME is a leading metal exchange, Islamic banks. tolerant society that has welcomed and a significant volume of liquidity Islamic finance. The UK has The UK is one of the most desirable management transactions concluded established itself as a hub for Islamic places to study in the world with by Islamic finance institutions and financial activities and is the global around 100,000 international other Sharia compliant firms are gateway for Islamic trade and students studying at UK universities. supported by metals on LME warrant. investments. Islamic finance is without Islamic finance is taught at a number doubt a growth industry and the UK is The UK’s preeminent fund of these universities and by other well positioned to become the global management position has been  educational institutions such as the leader outside the Muslim world.  one of the key reasons why Islamic Institute of Islamic Banking and It is therefore essential that  financial institutions have chosen the Insurance that started providing the industry continues to work with UK as their base of operations or for  courses in 1990. The Chartered the government, tax and regulatory a representative office. According  Institute for Securities and authorities to develop and shape  to TheCityUK research there are Investments developed the landmark the financial environment and UK £5.1 trillion of assets under Islamic finance qualification (IFQ) in legislation in order to ensure a level management in the UK. UK financial association with L’École Supérieure playing field for Sharia compliant institutions have been offering Sharia des Affaires (L’ESA) in 2006. The  products and services. compliant funds since 1986 to cater  IFQ has become one of the most to the investment requirements of comprehensive and popular entry their Middle Eastern clients. The first level qualifications in Islamic finance. sterling denominated based Halal mutual fund was launched in 1997. There are currently around nine fund managers offering Islamic asset management services to their clients. 1 The Banker. Top 500 Islamic Banks. 2012. 2 Ernst and Young. World Islamic Banking Competitiveness Report 2013. 12 UK Excellence in Islamic Finance

Development of Islamic Financial Institutions in the UK

ABC International Bank (Alburaq) —— Islamic Mortgages Islamic Bank of Britain Abu Dhabi Islamic —— First Islamic Retail Bank Bank of London Bank (ADIB) RBS/Bank and the Middle East —— Representative Office United Bank of of Ireland (BLME) Cobalt Underwriting Kuwait (AUB) —— Islamic Commercial —— Wholesale Islamic —— Wholly Sharia compliant —— Islamic Mortgages property financing Investment Bank insurance products 1996 2004 2007 2013

1982 2003 2005 2008 Albaraka HSBC Amanah European Islamic QIB.UK (European International Bank —— Islamic Mortgages Investment Bank Finance House) —— Islamic Mortgages —— Treasury and Investment (EIIB) —— Wholesale Islamic services —— First wholesale Islamic investment bank —— Private banking Investment Bank in  the UK Gatehouse Bank —— Wholesale Islamic Lloyds TSB investment bank —— Current Account British Islamic Children’s Mutual Insurance Co —— Children Mutual Fund —— Takaful —— BIIH closed to new business from November 2009

World Islamic Economic Forum first meeting of the WIEF outside  and to promote dialogue and foster The World Islamic Economic Forum of the Muslim world in 2013. co-operation among international (WIEF) is a Kuala Lumpur based businessmen in the belief that The key objectives of the WIEF are:  organisation that brings together business partnerships can become to enhance the economic well-being government leaders, captains genuine bridges towards peace and of the people of Muslim nations  of industries, academic scholars prosperity between the Muslim and and Muslim communities through and regional experts to discuss non-Muslim world. increasing trade and business opportunities for business opportunities; to package the Muslim www.wief.org partnerships in the Muslim world. world as a lucrative trade and WIEF has been hosted annually investment destination; to strengthen since 2005 in destinations including networking and foster strategic Jakarta, Islamabad and Kuwait,  alliances through the exchange of with London playing host to the  ideas, information and knowledge; UK Excellence in Islamic Finance  13

Regulatory Development of Islamic Finance in the UK

—— HM Treasury and HM Revenue & Customs Tax Technical Group established to understand details and specific concerns of technical nature for Islamic finance. —— Finance Act – Stamp Duty Land Tax (SDLT): Catered for individuals using alternative property financing arrangements —— Government legislated for (covering Islamic diminishing Musharaka mortgages), removing the —— Islamic Finance Task or diminishing shared double charge to SDLT Force (IFTF): IFTF is a ownership for property that might otherwise Ministerial-led Task Force or asset financing arise where a financial set up to promote the UK arrangements. institution buys a —— UK Government as an Islamic financial property and then re-sells —— SDLT relief extended announcement of centre and to attract it to the individual. to corporate entities. potential Sukuk issuance. inward investment. 2003 2006 2008 2013

2001 2005 2007 2011

—— Bank of England —— The SDLT provisions were —— HM Treasury Islamic —— UK Islamic Finance established the Islamic extended to equity Finance Experts’ Group Secretariat (UKIFS): Finance Working Group sharing arrangements formed to advise Supporting the promotion chaired by Lord George  and in 2006 to Government on how and development of to investigate obstacles companies. to best support the Islamic finance in the UK. facing the industry and development of Islamic —— Government legislated for enable the development of finance in the UK. Murabaha instruments as Islamic finance in the UK. Representatives of the a purchase and resale group are from the arrangement. Government, legal and advisory firms, and from the Muslim community. —— UK Government started reviewing the feasibility of issuing wholesale sovereign Sukuk. —— FSA regulation of Home Purchase Plans. —— HMRC guidance on tax treatment of all financing techniques covering: —— Capital allowances —— Value Added Tax (VAT) —— Capital Gains Tax (CGT) 14 UK Excellence in Islamic Finance

Islamic Finance Education in the UK

By the UK Islamic Finance Secretariat (UKIFS) Education, Training and Qualifications Group

With world class academic institutions It is available in both English and Takaful offering a range of specialist courses Arabic and will be available in French CIMA – Courses are available at and qualifications in Islamic finance, from 2014. It is widely taken both by different levels covering certificates,  the UK is a global leading provider of full time students and practitioners  a diploma and an advanced diploma.  sector specific education and research. in more than 40 countries. A specific certificate in Banking and Takaful is among the offering. The list below provides a snapshot  CIMA – Courses are available at of the UK’s offer of Islamic finance different levels covering certificates,  IIBI – A variety of certificates, diploma education. It is not intended to be a diploma and an advanced diploma. and post graduate diploma courses exhaustive, but highlights the sector’s The certificates are designed for are offered by IIBI which includes main players and the wide variety  candidates new to Islamic finance, a specific Takaful module. of courses available ranging from with the advanced diploma being the Sukuk foundation courses to postgraduate highest level. The diploma is awarded CIMA – Courses are available at research. upon completion of all four certificates. different levels covering certificates,  The UK Islamic Finance Secretariat IIBI – A variety of certificates, diploma a diploma and an advanced diploma, has a dedicated Education, Training and post graduate diploma courses including a specific certificate in Islamic and Qualifications group of providers are offered by IIBI in combination with Capital Markets and Instruments. which meets regularly to promote  a number of events and workshops. IIBI – The IIBI hosts an annual Sukuk the UK offering. IFS School of Finance appears  conference covering innovative Islamic Finance Foundation to be among the few offering an structures in Sukuk. Foundation courses are available  undergraduate level course. Their at many different levels: offering consists of two modules “Foundation in Islamic Banking and CISI – The Islamic Finance Qualification Finance” and “Practice of Islamic provides a basic introduction to Banking and Finance”. Both are  Islamic financial instruments and how level four modules and can be taken  they are applied in different segments in combination with other modules  of the financial industry. Although the as part of the Professional Certificate  course does not have any prerequisites, in Banking. it is most suited to candidates with  a background (educational or work experience) in finance. UK Excellence in Islamic Finance  15

Postgraduate Research Reading (ICMA Centre at the Henley For more information please visit: An increasing number of UK-based Business School), Westminster, Chartered Institute for Securities  universities offer Islamic studies as Newcastle and the University of East & Investment (CISI):  part of their curriculum, generally  London are among the universities www.cisi.org in the areas of Law, Islamic studies offering Islamic law. Chartered Institute of Management (religion and civilisation), and The ICMA Centre at the Henley Accountants (CIMA):  Economics. Islamic finance is typically Business School (University of www.cimaglobal.com offered as a module within the Reading) offers a Masters level business schools and not as an Institute of Islamic Banking  programme in conjunction with  individual programme. and Insurance (IIBI):  INCEIF of Malaysia. www.islamic-banking.com The most well known for offering Islamic Finance for Accountants Islamic finance is the University of IFS School of Finance:  CIMA – Courses are available at Durham (School of Government  www.ifslearning.ac.uk different levels covering certificates,  and International Affairs) who also a diploma and an advanced diploma, Durham University conducts a summer school and has including a specific certificate in School of Governments  many doctoral students in the field.  accounting for Islamic financial & International Affairs:  In addition, both Oxford and institutions. www.dur.ac.uk/sgia Cambridge offer Islamic Studies, although this is more in the field of  Islamic Scholar Development Centre for Islamic Economics  law and politics than in finance.  The Islamic Finance Council (“IFC”)  & Finance:  The School for Oriental and African in co-operation with the CISI has www.dur.ac.uk/dcief Studies offers a variety of Islamic developed a Scholar CPD Programme The School for Oriental and African finance related courses at all levels, designed to enhance their Studies, University of London:  although their focus is, again, more  comparative understanding of www.soas.ac.uk on law. However, the breath of the conventional versus Islamic finance. programme appears suitable for  ICMA Centre, Henley Business School: those aiming to become, for example, www.icmacentre.ac.uk an in-house Sharia expert. The Islamic Finance Council UK (IFC): www.ukifc.com

UK Islamic Finance Secretariat In achieving these objectives, UKIFS With over 2,000 registered (UKIFS) operates four practitioner-led individuals and organisations, The UK Islamic Finance Secretariat interest/working groups that convene UKIFS is today the leading  (UKIFS) brings together regularly to drive the development cross-sectoral body assisting  government and industry to  and delivery of strategic goals: the promotion and development  jointly promote the UK as a global of Islamic finance in the UK. ——Islamic Financial Institutions – gateway for Islamic finance. The  Chaired by Bank of London and  UKIFS is part of TheCityUK. For key objectives of UKIFS are to the Middle East further information please visit: co-ordinate and promote the www.thecityuk.com development of Islamic finance in ——Accountancy, Taxation & Regulation the UK and to act as the primary – Chaired by KPMG contact point for UK Government ——Education, Training & Qualifications bodies including UK Trade & (ETQ) – Chaired by CISI Investment, HM Treasury and  the Regulator. ——Commercial Real Estate – Chaired  by King & Spalding LLP ——Legal – Chaired by Dentons Business Profiles Education and Training

“With world class academic institutions offering a range of specialist courses and qualifications in Islamic finance, the UK is a global leading provider of sector specific education and research.” UK Excellence in Islamic Finance  17

Aston Business School

Aston Business School, at Aston University in Birmingham, has provided courses in Islamic finance at postgraduate level since 2010, alongside an active research programme. As the second city, the location of the head offices of The Islamic Bank of Britain and one of Britain’s largest Muslim communities, Birmingham is well positioned as an emerging regional centre of excellence for Islamic finance practice and expertise in the UK.

Aston University has a strong tradition The University recognises that Contacts of teaching excellence and the knowledge of Islamic finance www1.aston.ac.uk/abs application of research to the needs of instruments, banking practices and General enquiries:  commerce, industry and government. risk management issues is not only T: +44 (0)121 204 3000 This practical approach and focus on important for those who seek to relevance is clearly reflected in the become specialists in the area, but Islamic finance provision at Aston also for the wider finance industry in Business School. Theory and principle the UK and worldwide. Future plans at are embedded in current practice and the University include the expansion students develop the skills of critical of provision to include Undergraduate thinking and analysis which are as well as Postgraduate studies, essential for the growing and evolving through introduction of an Islamic context of Islamic finance in the UK finance strand across all finance today. They are supported in this programmes in Aston Business School. through the study of specialist Islamic Consideration is also being given finance, banking, economics, law, and to the development of open courses Arabic language, alongside teaching  for those who wish to increase their in conventional UK finance industry knowledge without the commitment practice. Courses are designed to of studying for a full degree. provide students with the skills they Students who join the highly diverse need to return to work in financial and international community at organisations, and can also offer a Aston University will study on a green route to further study and research, campus at the edge of Birmingham with the opportunity to join the city centre, close to amenities and growing body of academic experts yet set in a welcoming and secure in the field. environment. Aston’s 10,000 students Highly ranked for the employability benefit from all that Birmingham of its graduates, Aston University offers the overall student population seeks to develop future leaders of 65,000 in a vibrant and friendly city. in business and the professions. A cornerstone of the University’s strategy is to “maintain its responsiveness to the needs of a changing world”. 18 UK Excellence in Islamic Finance

Bangor Business School

As the first in the UK to introduce an MBA in Banking and Finance, Bangor Business School at Bangor University is a progressive institution dedicated to academic excellence. It has long held a strong international reputation in the study of banking and finance, and was rated no.1 in the UK for Accounting, Banking and Finance research in the Government’s most recent Research Assessment Exercise (RAE).

Students are attracted to Bangor by The main aim of these full-time Scholarships its reputation for high quality and programmes is to introduce a much Bangor Business School offers expertise, particularly in the area of stronger practical emphasis focussing scholarships worth up to £5,000, Banking and Financial Services, in on strategic, corporate and financial while applicants to the London Centre which it is a leading European centre. management of what is by now the may apply for a scholarship worth up preferred way of banking for one fifth to £10,000. In addition, all applicants Bangor Business School’s MSc, MA of the world’s population. Students will to the London Centre will be and MBA programmes in Islamic enjoy a mix of both theoretical and automatically considered for a £2,000 Banking and Finance offer an practical elements covering bursary. International students may opportunity to study the structure of contemporary developments in the also be eligible to apply for funding Islamic banking and finance, including banking and financial field. Staff at from the University’s International its theoretical foundations, products, Bangor are active researchers, which Education Centre. performance, financial instruments means that students are taught by and risk management issues. These academics who are pushing the and other topics will be studied within Contacts frontiers of research. the wider context of the banking and www.bangor.ac.uk/business finance industry worldwide. Bangor Business School www.bangor.ac.uk/londonbusiness London Centre The MSc is suitable for candidates  Bangor Business School  For applicants who wish to live and with some previous background in (Bangor campus) study in London, Bangor Business mathematics, statistics or School also delivers its MSc, MA and E: [email protected] econometrics, while the MA is suitable MBA programmes in Islamic Banking T: +44 (0)1248 383023 for candidates who prefer a less and Finance from its premises in quantitative approach to their studies. London. Based in Broadgate Tower in The MBA aims to develop executives the heart of the city’s financial district, who will progress quickly to senior students are taught by the same management positions in financial experts who deliver the programmes institutions that transact business  at the Bangor (Wales) campus, on Islamic principles. ensuring the same high quality teaching for which the main Bangor University campus is renowned. UK Excellence in Islamic Finance  19

Cambridge Judge Business School, University of Cambridge

Cambridge Judge Business School Executive Education programmes are designed for organisations, business professionals, managers, leaders, and executives from many different functions who strive for professional and personal growth. Programmes are developed to help executives and organisations from both the private and the public sectors achieve operational excellence and results.

The diverse educational and Islamic Finance Executive Contacts professional backgrounds of leading Programme: Establishing www.jbs.cam.ac.uk/execed/open/ Cambridge faculty and international Leadership & Competitive islamicfinance.html participants enrich the learning and Advantage Professor Christoph Loch, Director make this an unforgettable In today’s changing global economic, experience. Our Executive Education financial and business environment, E: [email protected] programmes attract top quality Islamic finance is an area that has seen Dr Kamal Munir, Reader in Strategy participants from around the world rapid growth. and Policy and across industries and business The financial crisis only served to sectors who are seeking challenging, E: [email protected] further focus attention on Islamic academically rigorous, yet practical institutions, which weathered the crisis Dr Khaled Soufani, Senior Teaching executive development programmes. much better than their conventional Faculty in Finance Leveraging the power of academia equivalents. Islamic banks are fast E: [email protected] for real world impact becoming extremely important Cambridge Judge Business School  players in the global financial industry, is in the business of transformation – not only because their assets have of individuals, of organisations and now exceeded US$1.7 trillion, but also society. What does that mean in because these banks provide unique practice? It means we work with every financial services that cater to the student and organisation at a deep needs of a growing segment of level, identifying important problems investors and credit seekers in many and questions, challenging and parts of the world. coaching people to find answers, and This two-day programme seeks to creating new knowledge. It means we expose participants to the essential bring forward the latest thinking from dynamics of competing in the Islamic academia and professional practice, finance environment. During the and apply our combined knowledge  programme participants will learn  to specific business situations to turn  how to take a structured and strategic it into action. This combination of the approach to understanding latest thinking from academia and competitive dynamics in Islamic professional practice, in turn, enables finance and banking, and identify the us to develop greater knowledge and myriad of business opportunities and better methods in order to have an challenges that lie in this field. Through impact on the world in which we live case studies and contemporary and work. examples, they will learn about the drivers of more effective corporate leadership environments and strategies in this sphere. 20 UK Excellence in Islamic Finance

The Centre for Islamic Finance at The University of Bolton

In his inaugural lecture to launch The Centre for Islamic Finance at the University of Bolton, HE Dr Ahmed Ali, President of the Islamic Development Bank said: “I am highly confident that the establishment of this Centre will boost innovation, research and ultimately give benefit to society by the greater understanding of Islamic finance”.

Established in 2012, the Centre offers The Centre offers doctorate-level Contacts the opportunity for specialist research programmes and Master www.bolton.ac.uk/islamicfinance postgraduate study and expertise of Philosophy courses. Accreditation Professor Mohammed  in Islamic finance. The Centre works has just been awarded for a joint Kayed Abdel-Haq in collaboration with other financial MA with the University of Sarajevo, E: [email protected] and academic institutions to increase Bosnia Herzegovina. understanding of this important Dr Gill Green, Director of Studies The Centre’s Chairman Professor subject through teaching and research. E: [email protected] Mohammed Kayed Abdel-Haq has Welcoming the establishment of the a wealth of practical and professional Fozia Uddin Centre, the University’s Vice-Chancellor, experience in the industry. The author E: [email protected] Dr George Holmes said, “as a young, of a book on Islamic finance, he is  dynamic and fast-growing University, Khadija Tily the founding member of a London which is passionate and proud about E: [email protected] merchant bank. Prior to that profession-driven higher education, Mohammed was Managing Director I am delighted that the Centre is and Global Head of HSBC Amanah joining our family of world-leading Private Banking, where his team were research centres”. Euromoney Global Award winners for Bolton is a famously friendly town three consecutive years. Mohammed situated close to the big cities of is a member of the Council of Chatham Manchester and Liverpool. The House and serves on the Government’s University, whose roots in education Islamic Finance Task Force. date back to 1824, has a long and Professor Abdel-Haq has been joined proud tradition of delivering academic on the Board of Directors by Lord qualifications alongside sound Lamont, former Chancellor of the practical experience, both in the Exchequer, and the University’s Vice UK and around the world. With one Chancellor, Dr George Holmes, himself of the largest percentages of Muslim an economist. Further, the Centre students in the UK, the University is honoured to have The Earl of embraces diversity and values St Andrews as its Patron. The Board of difference. It prides itself on staying Directors work in conjunction with the abreast of social, cultural and International Advisory Board, which economic change and reflecting includes some of the most acclaimed this in its courses and work with and respected practitioners in Islamic partners. This combination of finance from around the world. innovation, inclusivity and a willingness to look beyond the traditional boundaries of the University makes it the ideal home for the Centre for Islamic Finance. UK Excellence in Islamic Finance  21

Centre of Excellence for Professional Training in Islamic Finance

Cardiff Metropolitan University & Islamic Banking and Finance Centre UK are working in partnership to address the educational and training needs of professionals and institutions across the globe. Together we specialise in courses that are both career orientated and designed in conjunction with business and industry.

Cardiff Metropolitan University is  Working with its partners and Key course a premier provider of vocational associates in other parts of Europe, ——MSc Financial Management  education and professional training Africa, Middle East and South East (Islamic Finance) with a strong international profile. Asia, IBFC – UK training, advice and International students come to Cardiff consultancy packages are based Short executive training courses Met from over 125 countries and on the overall holistic approach and represent some ten per cent of the understanding of Islamic Banking ——Basics and Fundamentals student population. The University and Finance principles, primarily ——Accounting and Governance offers international programmes focusing on the needs of our clients. through international collaborative Currently courses are being offered ——Islamic Capital Markets agreements and maintains its quality to the executives and professionals ——Regulation, Supervision  standards with rigorous quality control in the financial sector, public and and Taxation processes. Cardiff Met provides private banks, insurance companies, education and training opportunities central banks, regulators and other ——Law that are accessible, flexible and of  financial institutions. ——Retail Banking and Insurance the highest quality, and has been We offer a range of innovative independently acclaimed for its high ——Investment Banking qualifications and training academic standards and for its high programmes to develop the human ——Anti Money-Laundering and level of student satisfaction. For the capital of the financial sector and Corporate Governance last four years Cardiff Metropolitan widen career choices in banking and University has been ranked as overall finance through Islamic finance. These top in the UK for International student Contacts include an MSc Financial Management satisfaction (source: i-graduate). www.cardiffmet.ac.uk (Islamic Finance), a newly validated Islamic Banking and Finance Centre course within a suite of MSc Finance Chris Parry UK (IBFC – UK) is one of the leading programmes at Cardiff Met, as well E: [email protected] consultancy and training providers as a pathway in Islamic finance T: +44 (0)29 2041 6378 for Islamic finance in the UK offering through the MBA. www.ibfc.eu knowledge and expertise through high Our short courses and training quality training, product structuring Akmal Hanuk programmes are offered through  and development, Sharia compliance E: [email protected] the Islamic Finance – Executive advice and consultancy to financial T: +44 (0)29 2048 7667 ext 220 Programme Series, which are institutions, executives and developed specifically for professionals worldwide. professionals in the financial sector. 22 UK Excellence in Islamic Finance

Durham Islamic Finance Programmes

Durham Islamic Finance Programme (DIFP) has maintained a world-class reputation as a research, education and training centre in Islamic economics, Islamic finance and banking, and Islamic management for over 25 years.

DIFP aims to: subject areas. Our expertise, ——ISRA-IRTI-DIFP, Strategic innovative approach and academic Roundtable Discussion in Islamic ——maintain its position as a leading rigour ensure relevance for today’s Finance; annually organized since provider of world-class research, and tomorrow’s business and 2011 with the aim of discussing the education and training in Islamic academic world. emerging issues in Islamic finance economics and finance; with the participations of various Durham Doctoral Training Centre ——provide a platform from which stakeholders in Durham, Kuala in Islamic Finance provides a dynamic a vibrant research environment Lumpur and Jeddah in alternate approach to developing cutting edge specializing in Islamic finance related years. research in Islamic finance, banking, research can be developed and economics and management, as ‘As we constantly respond to global sustained. evidenced by the large numbers of developments in Islamic finance and DIFP offers the following programmes: PhD studies conducted at the Centre. build on our high-quality reputation, we see our progress in the provision MSc Islamic Finance The Durham Islamic Finance of education and first class research Summer School (DIFSS) MSc Islamic Finance and going from strength to strength.’ Management As an annual, intensive five-day programme, DIFSS has provided a Dr Mehmet Asutay Being the strongest taught unique training and education programmes in Islamic finance in the programme in Islamic finance since Contacts world, these programmes are 2006 with increasing success; 90 www.durham.ac.uk/dcief designed to provide rigorous training participants from all over the world at the frontier of research, as well as attended in July 2013. It is intended  T: +44 (0)191 334 5066 the advanced analytical and technical for financiers, bankers, professional Dr Mehmet Asutay skills that are highly sought after by researchers and academic Director, Durham Islamic Finance global employers. They aim to develop researchers. The sessions at the DIFSS Programme an advanced understanding of the are provided by leading professionals E: [email protected] complexity of Islamic finance, and experts with immense experience economics and management in the sector. including its moral, legal and regulatory framework and Sharia International Collaborations compliancy process. Both DIFP has established international programmes’ reputation is evidenced collaborative research and training from the increasing numbers of programmes, conferences and students from one year to another. seminars, including the following: Ph.D by Research in Islamic ——DIFP-Kyoto University International Finance and Economics at the Workshop on New Horizons in Durham Doctoral Training Centre Islamic Economics and Finance; in Islamic Finance annual joint workshop programme Durham University Business School  organized since 2007 in Kyoto and is the ideal place to study for PhD in Durham in alternate years; Islamic economics and finance related UK Excellence in Islamic Finance  23

The ICMA Centre at the Henley Business School

Situated in the Thames Valley, the University of Reading is only a 35-minute train journey west of London. Through the ICMA Centre, part of the Henley Business School, the University of Reading has taken a leading role in Islamic finance education and research. The ICMA Centre offers an MSc programme in Investment Banking and Islamic Finance, a PhD programme and executive education.

MSc Programme Executive Education Simon Archer, Rifaat Ahmed Abdel In 2008, the ICMA Centre introduced The ICMA Centre has developed a Karim and Volker Nienhaus (eds.) its MSc in Investment Banking and programme of executive education Takaful Islamic Insurance: Concepts Islamic Finance (MSc IBIF), in in the fundamentals of Islamic finance and Regulatory Issues, [Singapore: collaboration with the International in conjunction with the Institut de John Wiley (Asia) Pte Ltd, 2009]. Centre for Education in Islamic Formation Bancaire de Luxembourg. Simon Archer and Rifaat Ahmed Finance (INCEIF), a university-level Research by members Abdel Karim (eds.) Islamic Finance: institution in Kuala Lumpur, Malaysia, of academic staff the New Regulatory Challenge, offering both degree and professional Members of academic staff who [Singapore: John Wiley (Asia) programmes. teach Islamic finance have ongoing Pte Ltd, 2013]. Thanks to the collaboration with research activities in the field and have INCEIF and other contacts in the world published their work (totalling more Contacts of Islamic finance, more than a third than 20 publications) in peer reviewed www.icmacentre.ac.uk of the total credits in the MSc IBIF are journals and edited volumes. Work provided by Islamic finance courses, carried out as consultants for the General enquiries: taught by internationally Islamic Financial Services Board and ICMA Centre acknowledged experts. the International Islamic Liquidity Henley Business School Management Corporation has University of Reading PhD programme provided an additional dimension Whiteknights The PhD programme at the ICMA to this research. Reading RG6 6BA Centre is intended for high calibre E: [email protected] students with a relevant Master’s Research Publications T: +44 (0)118 378 8239 degree. It is a full-time, three-year John Board is Dean of the Henley programme, incorporating a first  Business School and Professor of Admission enquiries: year in which students take courses Finance. Simon Archer, Rifaat Ahmed Matt Goss in research methods and may take Abdel Karim and Volker Nienhaus are E: [email protected] MSc courses that are relevant to their Visiting Professors at the ICMA Centre. T: +44 (0)118 378 5269 research topic. Many of the PhD Between them, they have edited three students are employed as teaching major books on Islamic finance as well assistants. Topics currently being as publishing numerous papers in researched by PhD students include academic journals and chapters the corporate governance of Islamic in books, including the following: financial institutions and a national Simon Archer and Rifaat Ahmed risk management programme for Abdel Karim (eds.) Islamic Finance: managing sovereign assets, with the Regulatory Challenge, [Singapore: particular reference to Saudi Arabia. John Wiley (Asia) Pte Ltd, 2007]. 24 UK Excellence in Islamic Finance

The Islamic Finance Qualification (IFQ)

Islamic finance has grown rapidly in recent years despite turmoil in the financial services industry. As more people have become interested in this innovative area both the total assets under management and the number of financial institutions have grown. Although concentrated in the Middle East and South East Asia, growth is also strong in Europe, the United States and Africa.

The CISI’s Islamic Finance In 2013 the fifth edition was published; Candidates are advised to spend Qualification (IFQ) is designed to this confirms the substantial around 130 hours studying for the support this growth, giving commitment to constantly evolve  examination, and non-Muslim newcomers to the industry a broad it in line with developments in the  candidates with no experience and practical overview of Islamic area. The qualification has received of Islamic finance are strongly finance. The IFQ is a joint initiative with additional accreditation from the recommended to attend a face-to-face L’École Supérieure des Affaires in the Finance Accreditation Agency training session. The CISI has a global Lebanon and from the outside has in Malaysia. A French edition will be network of Accredited Training been positioned globally. The IFQ is available in the future. Providers in place and these can  a stand-alone qualification covering be viewed via the CISI website:  The IFQ is tested in one two-hour 100 the subject from both a technical  cisi.org/atp multiple choice question examination and Sharia perspective – it teaches covering the basics of Islamic banking The pass mark is 70 per cent and candidates the role of Sharia in Islamic and finance: the Islamic law of around 70 per cent of candidates pass. finance and the ethics that underpin contracts; the major contracts of contracts. This qualification helps  Details of CISI examination/study Mudaraba, Murabaha, Musharaka, give candidates a solid and accurate material fees can be found at cisi.org/ Ijara, Salam and Istisn’a; financial knowledge of the products and pricelist Candidates seeking a training statements for Islamic banks; Islamic services that they need to practice. course are advised to contact an corporate governance; Islamic asset Accredited Training Provider for The IFQ was established in 2005 and fund management; Sukuk and details of fees and dates. following discussions with the  Takaful. The examination is taken via Banque du Liban (BDL). Today the  computer-based testing (CBT), making IFQ is a leading global benchmark it a portable qualification that can  Contacts qualification, available in Arabic as  be studied – and the exam taken – cisi.org/ifq well as English and taken in over 40 virtually anywhere in the world. E: [email protected] countries. The ongoing development The CISI offers a comprehensive study T: +44 (0)20 7645 0600 of the IFQ is overseen by the Advisory manual and e-learning package. Council for Islamic Finance who contribute to the review of all areas  of the qualification from the underpinning syllabus to the study text and the examination itself. UK Excellence in Islamic Finance  25

London School of Business and Finance

Situated in the heart of London’s financial district, London School of Business and Finance (LSBF) offers industry-focused courses that reflect global market trends. With a global approach towards business education, LSBF prides itself on being at the forefront of Islamic finance in the UK, providing a range of qualifications, and hosting various seminars and conferences.

Advanced Certificate in Islamic Online MSc in Islamic Finance MSc Finance and Investment Banking and Asset Management and Banking – Islamic Finance & Banking Investment asset management is The MSc in Islamic Finance and Specialisation paramount to the investment classes Banking offers a practical insight into Enter this increasingly relevant area of available within Islamic finance. This the workings of the Islamic system of finance with the skills and knowledge course will teach the competencies banking, and explores the underlying necessary to carry out vital Islamic that fund managers and portfolio relationships that this unique sector finance operations. Starting with the investment managers in this field fosters. Students will focus on four essentials – how do Islamic banks require; students will learn how to core finance modules, and bolster  differ from more traditional ensure that all financial activities  this knowledge with two specialist institutions? – students will explore are carried out in accordance with  modules: Fundamentals of Islamic trends in Islamic portfolio Sharia principles, in addition to  Banking and Islamic Portfolio management, the inner workings of the best practices established by Management. Islamic banking operations, and more. governing bodies. This Master’s course is delivered Upon completion of the course, This two-week course is taught by entirely online through InterActive,  students will receive career advice Sahar Ata, a seasoned Islamic banking an award-winning e-learning platform from LSBF’s expert staff and global expert with over 20 years of with more than 15,000 students corporate partners. experience in the sector. CIM and  worldwide. With HD-recorded lectures CIFA certified, Ms Ata has worked and notes, as well as tutor support,  Contacts domestically and internationally with it provides complete flexibility for www.lsbf.org.uk some of the world’s biggest banks, students who wish to fit their learning including leadership roles at around other commitments. E: [email protected] prominent establishments such as T: +44 (0)20 7823 2303 Barclays PLC. Her breadth of expertise feeds directly into this programme, and ensures that students receive  the most relevant, real-world understanding of Islamic banking. 26 UK Excellence in Islamic Finance

Newcastle University Business School Islamic Finance and Law Studies

The shift in global economic and financial power away from developed and mainstream financial markets has led to interest in alternative culture and concepts of finance. Islamic finance is a force to be reckoned with and the UK has developed as a leading centre of expertise as governments and mainstream financial institutions look to Islamic finance as an alternative route to capital raising, business, and personal finance.

Newcastle University Business The programme builds on the School’s Contacts School’s Finance and Law with Islamic established research strengths www.ncl.ac.uk Finance MSc programme has been in economics and finance and the E: [email protected] created in response to this growing Law School’s strengths in financial T: +44 (0)191 208 1500 interest in Islamic finance, both in the regulation and financial law, as well UK and internationally. It is driven by as expertise in the culture of finance. the need for an advanced programme The programme is particularly suited that develops understanding of to candidates interested in pursuing cultural, behavioural and legal issues a career in: in finance, as well as the technical qualitative aspects of finance. ——The rapidly growing worldwide Islamic finance industry, either The programme aims to provide in an Islamic financial institution students with a broad understanding or a mainstream ‘conventional’ of financial theory, law and regulation financial institution which offers (within a non-Islamic context), while Sharia compliant products offering students the opportunity and services; to develop a better understanding of how Islamic finance differs from ——Financial regulation with a national the ‘traditional’ banking and finance or supranational financial regulator; models on offer. ——Government ministries of finance The Business School’s MSc is run or financial regulatory agencies in partnership with the Newcastle in a country with an emerging Law School. The Finance and Law with Islamic finance industry; Islamic Finance MSc introduces how ——Regulatory consultancy. Islamic banking represents a different model for banking and finance that is seen to eliminate the practices that appear to have contributed to the current economic climate. UK Excellence in Islamic Finance  27

The Oxford Centre for Islamic Studies

The Oxford Centre for Islamic Studies, granted a Royal Charter in 2012, has developed academic cooperation with partners, including the Securities Commission, Malaysia, designed to encourage and promote the development of Islamic finance worldwide. It supports research and development through a joint Scholar in Residence Programme and regular conferences and other initiatives to encourage focussed exchange between academics and practitioners.

The Oxford Centre for Islamic Studies In 2012 the Centre and the Securities Contacts is a Recognised Independent Centre  Commission agreed to establish a www.oxcis.ac.uk of the University of Oxford. It was Visiting Fellowship at the Centre in the E: [email protected] established in 1985. Its patron is The field of Islamic finance. This is awarded T: +44 (0)1865 278730 Prince of Wales. Its role is to annually, following joint assessment encourage, through learning and and interview, to a scholar or scholarship, a better understanding  practitioner who wishes to pursue a of the culture and civilisation of Islam personal programme of research in a and of contemporary Muslim societies relevant field. The Visiting Fellowship worldwide. As well as supporting the is widely advertised and applications work of its resident and visiting fellows, are invited from suitably qualified the Centre welcomes opportunities to applicants worldwide. Applicants must initiate and join with other institutions be specialists in Islamic finance and/or in sponsoring programmes of a closely related discipline preferably research on the Islamic world in all  with practical experience of policy- its aspects. Islamic finance is a key making with an international or research interest of the Centre. comparative component. The Centre organises annual Applicants must be able to conferences on Islamic finance in demonstrate competence to conduct cooperation with the Securities independent academic research and Commission, Malaysia. These take will be expected to work on a topic of place alternately in Kuala Lumpur and contemporary relevance to the field. in Oxford. The objective is to bring The tenure of the Fellowship is for  together both academics and one academic year, commencing in practitioners to share experiences and October each year. The Visiting Fellow debate issues of current importance. enjoys membership of the Oxford Through these conferences the Centre Centre for Islamic Studies and full aims to act as a catalyst in focussing access to its facilities, including office attention on the key areas that need  accommodation and technical to be addressed to allow for the support and is encouraged to play a continued expansion of the Islamic full part in the Centre’s academic and finance sector and to encourage social activities. Access is facilitated  dialogue and interchange between to libraries and academic colleagues. those active in the banking industry, A grant of £10,000 is payable to regulators and academic experts. contribute to living, travel and research expenses. 28 UK Excellence in Islamic Finance

University of East London’s Royal Docks Business School

The University of East London’s Royal Docks Business School (RDBS) is a leader in global business education. RDBS is known locally and internationally for its research and excellence in entrepreneurship, finance, diversity, Islamic Finance and business and we support a number of leading research centres in these areas.

The School is also recognised for its Our students can become certified in Dr Gaffar Khalid cutting-edge programmes in finance, Islamic banking and finance through Islamic Finance Centre Director, UEL sports, events, hospitality and online and face-to-face training. E: [email protected] management. In transforming the Importantly also, we have an MSc student experience, we are in Islamic Banking and Finance. Dr Khalid has an extensive experience consistently ranked as a leading of Islamic Banking and Finance, as well Key Contacts business school in London. as Islamic Microfinance. Prior to Professor Nora Colton joining RDBS, Dr Khalid was the senior Research Dean of the Royal Docks advisor of Islamic Microfinance at the Research at RDBS reflects our values Business School, UEL World Bank’s funded project in Sudan. and vision to be an enterprising, E: [email protected] Before that he was advisor on Islamic international university bringing Finance to his Excellency the Governor transformational opportunities Since taking the position of Dean, of Central Bank of Sudan. He also to individuals, communities and Professor Nora Colton has led on worked at the Abu Dhabi University businesses in our region. a number of initiatives to enhance and helped to establish and MBA and student experience, improve the The Centre for Islamic Banking and MSc in Islamic Banking and Finance. understanding of Islamic Finance and Finance at RDBS, Director Dr Gaffar develop relationships with traditional Khalid, provides a forum for research, banking systems. She publishes Contacts training and dialogue on industry actively and has developed www.uel.ac.uk/business/research/ practices concerning Islamic finance partnerships with outstanding islamic-centre and banking. The Centre also serves institutions throughout Asia. Nora  as a bridge in terms of examining best is a specialist on Middle Eastern practices in banking and finance Economies, speaks Arabic and has by proffering studies that compare conducted fieldwork in Egypt, Jordan, conventional and Islamic practices. Syria, Lebanon and Yemen. In modern economies, financing  Professor Colton was a strong has long become a dynamic device  member of the IF APG Fringe Meetings in attaining growth in developed  panels at the three party political and developing countries. Islamic conferences last Autumn, titled ‘Ethical finance is among the fastest growing Banking – focus on Islamic Finance’. components of International  finance under debt and equity –  based mechanisms. Business Profiles Banking

“More than 20 international banks operating in the UK are working in Islamic finance. Six of these are fully Sharia compliant, more than any other country in Europe.” 30 UK Excellence in Islamic Finance

ABC International Bank plc Islamic Financial Services

The Arab Banking Corporation (ABC) has a long and very successful history in Islamic banking both in Bahrain, where it is headquartered, and in London through its subsidiary, ABC International Bank plc.

In London, Islamic Financial Services helping to fund the conversion of IFS has long been at the forefront of (IFS) is one of the Bank’s core business a redundant office tower to 191 high the development of Islamic finance  lines providing Islamic banking quality apartments with panoramic in London, and it is a natural fit for a solutions to our UK, Arab world and views across the river Thames and bank such as ABC to play a key role in European customers, financing niche London in a joint venture between the development of Islamic finance opportunities focused on real estate, a Saudi-based Islamic investment globally. A key member of UK leasing, corporate, trade finance and company and a London-based Government’s working group, the treasury activities. property developer. Bank has been able to provide invaluable advice and guidance to help Recently, the business has gone from In addition to real estate, IFS offers the City of London establish itself as strength to strength, being able to Sharia compliant solutions across  a place where Islamic finance can be leverage off the ABC Group’s strong the Bank’s product range covering practised and where competitively balance sheet and wide footprint in  Treasury, Project and Structured priced and flexible banking products the Arab world and MENA region. This Finance and Trade Finance. This can be provided on a level playing field enabled IFS to originate, structure and included working closely with the with their conventional counterparts. distribute in excess of US$700 million Bank’s Turkish office so that out of of Islamic finance transactions in 2012 London, the Bank was able to arrange, including more than US$500 million of distribute and fund more than real estate projects, putting IFS at the US$200 million of Turkish assets, Contacts forefront of Islamic finance in London. helping companies in Turkey access www.arabbanking.com Islamic finance and fund their business The most notable transaction in 2012 in a Sharia compliant way. Faisal Alshowaikh, Head of Islamic was the financing of Kings Reach Financial Services Tower (now renamed South Bank Tower) which won the Euromoney E: [email protected] Real Estate Deal of the year for 2012. T: +44 (0)20 7776 4186 This transaction involved the arranging and structuring of a Sharia compliant senior finance package totalling £100 million and involving a club of four banks. The facility is UK Excellence in Islamic Finance  31

Abu Dhabi Islamic Bank (ADIB)

Abu Dhabi Islamic Bank (ADIB) was established in 1997 as a Public Joint Stock Company with its headquarters in Abu Dhabi, United Arab Emirates. ADIB is listed in the Abu Dhabi Securities market and operates under the supervision and the regulatory framework of the UAE Central Bank. ADIB’s mission is to offer Islamic financial solutions for the global community.

The Bank carries out all contracts, Andrew, The Duke of York. ADIB was ADIB UK provides convenient and operations and transactions in the first UAE-based Islamic financial valuable banking services through accordance with Islamic Sharia institution to receive a banking a dedicated 24-hours-a-day contact principles. ADIB’s core values, operations license from the UK centre and relationship managers reflected in all its activities are: Simple Financial Services Authority and to who give personal and professional and Sensible; Transparent; Mutual offer a full range of services to high attention to customers’ Benefit; Hospitality and Tolerance;  net-worth individuals. The Bank serves financial needs. and Sharia inspired. It brings to its businesses and individuals in the UK customers banking as it should be. as well as its clients from the UAE Contacts whose interests are increasingly ADIB has become a pillar of Islamic www.adib.ae international and who often choose banking in the UAE and globally.  www.adib.co.uk London as their base for business  The bank’s achievements and and personal transactions. Through T (UK): +44 (0)20 75902200 contributions to Islamic finance have its presence in the UK, ADIB is also T (UAE): +971 (0)2 6100 600 been recognized through awards and committed to contributing to the international honors including the overall development of the Islamic “Best Overall Islamic Bank” award finance Industry in the UK. from Islamic Finance News and “Best Islamic Bank in the Middle East” by Products and Services Banker FT. In addition to that, ADIB ADIB UK provides a variety of customer services receive a number 1 products and services that aims rating from Ethos Consultancy. to make customers’ day-to-day banking as rewarding as possible. ADIB is one of the largest retail banks Subject products include accounts in the UAE with 80 branches and more such as ADIB diamond current and than 550 ATMs. ADIB’s international savings accounts. presence includes Egypt, Sudan, Iraq, Qatar, Saudi Arabia, and the UK. ADIB UK offers solutions tailored to provide Savings and Time Deposits ADIB UK choices, express transaction ADIB announced on May 2012 the processing, real-estate financing expansion of its global footprint by arranged in the UAE for property initiating operations in London at the purchases in London up to £3.5 million prestigious One Hyde Park at and up to 70 per cent of property Knightsbridge. ADIB London was value, and property search and inaugurated by HH Sheikh Khalid Bin property management assistance. Zayed Al Nahyan & HRH Prince 32 UK Excellence in Islamic Finance

The Bank of London and The Middle East

Since launching in 2007 BLME has become the largest Islamic bank in Europe by balance sheet, profit and breadth of service. BLME acts as a bridge between Europe and the MENA region, with operations based in London and a representative office in Dubai.

As a PRA authorised bank BLME The three key business divisions that – Islamic Capital Markets – our offers competitive financing products make up BLME are: structuring and syndication and services to financial institutions, capabilities provide access to a  Corporate Banking – including UK mid-market, corporates and  wide range of investors in Sharia Property, Leasing, Trade and ABL high net worth individuals. “At BLME compliant assets. BLME participates financing solutions and Acquisition we believe that forming lasting in other bank deals and is developing Finance. This full suite of products partnerships founded on the expertise in areas with strong  service the under banked UK mid- principles of integrity, trust and GCC linkages. We specialise in the market. BLME clients range from accountability is best practice and healthcare, green energy, property FTSE 250 companies to privately integral to the successful operation of and transportation sectors. owned businesses, generally with a the Bank. Our products and services minimum operating profit of £1 million. Islamic Treasury – a complete are competitive, and our range of package of Islamic products and funds compete successfully on an Wealth Management – comprises services to help manage liquidity international level against both of three distinct but complementary including deposits and FX. conventional and Sharia peers. Our business units: comprehensive Corporate Banking Ernst and Young predict that global – Asset Management – We aim to offering has secured BLME’s position Islamic banking assets will reach  generate a fair and equitable profit as a leading provider of finance to the US$1.8 trillion in 2013 an increase from transactions that are backed by UK mid-market, supporting the UK’s of 38 per cent from the US$1.3 trillions real assets. Our investment methods economic growth.” says Humphrey of assets held in 2011. BLME has the avoid short selling and excessive Percy, CEO. experience, the liquidity and the credit creation whilst focusing on products to leverage this growth and BLME is managed by a high quality sound risk management procedures. reinforce the UK’s position as leading team bringing together a combination – Private Banking – is dedicated European centre for Islamic finance. of experienced international bankers to offering competitive Islamic and leading experts in Islamic finance investment and financing products from some of the best institutions Contacts to high net worth individuals and in the UK. www.blme.com family offices. E: [email protected]  T: +44 (0)20 7618 0000 UK Excellence in Islamic Finance  33

Citi: Leader in Global Islamic Banking

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Citi’s Global Islamic Banking Selective industry recognitions Contacts operations were established in 1981 in in recent years: www.citiislamic.com London, and in 1996 Citi became the Euromoney: Karim Seifeddine first international financial institution ——Best Sukuk Deal,  Corporate Communications to set up a separately capitalized Republic of Turkey Sukuk – E: [email protected] Sharia-compliant subsidiary – Citi Islamic Finance Awards (2013) T: +971 (0)4 509 9707 Islamic Investment Bank – in Bahrain. Islamic Finance News (IFN) Since its inception, Citi Islamic Awards: Investment Bank (CIIB) has played ——Syndicated Deal of the Year: Jebel a pioneering and leading role in the Ali Free Zone Syndicated Financing development of Islamic finance Facility (2013) globally, having successfully arranged several billion dollars of Islamic ——Turkey Deal of the Year: Republic transactions for issuers in the Middle of Turkey Debut Sukuk (2013) East, Asia, Europe and Latin America. The Banker Magazine: This includes the origination, ——Deals of the Year 2012: structuring and distribution ——Salik Toll Collection System of numerous landmark Sukuk, (Category: Middle East Islamic syndications, project financings, Finance) Islamic advisory and investment products. Today, the bank is an ——First Gulf Bank Wakala Sukuk innovator in this industry and one the (Category: Capital-Raising) leading bookrunners of international ——Investment Banking Awards 2011: Islamic finance transactions. “Most Innovative Islamic CIIB has its own Sharia board, Investment Bank” comprising world-renowned Islamic Banker Middle East Magazine: scholars who approve the structures ——Best International Bank – Islamic of transactions and documentation, Business & Finance Awards (2012) ensuring widespread investor acceptability. 34 UK Excellence in Islamic Finance

European Islamic Investment Bank Plc

European Islamic Investment Bank Plc (EIIB) is a London-based specialist banking and asset management group. It is one of the largest independent financial institutions focused on the Gulf Cooperation Council (GCC) countries with total assets of $250 million and total client assets of over $1 billion. The group was established in January 2005.

EIIB is listed on the AIM market of the is an economic bloc with GDP of repositioned as the only London London Stock Exchange (EIIB: LSE) approximately $1.5 trillion and a rising headquartered specialist bank and is regulated in the UK by the Bank power in emerging markets with focused on the GCC region. After of England Prudential Regulation outstanding investment opportunities, adopting this strategy the Bank has Authority and the Financial Conduct given its young population and new rapidly increased its client assets from Authority. EIIB is the first Sharia drive towards entrepreneurship. less that $10 million to over $1 billion. compliant investment bank to be The growth in the GCC economy EIIB is continuing to grow and authorised in the UK. In addition, is a significant opportunity for EIIB therefore seeking strategic EIIB owns a controlling interest in to leverage its unique position as a partnerships with like-minded Rasmala Asset Management and UK bank with a regional footprint. institutions to help diversify its operates regulated subsidiaries in the The group employs over 100 staff in product range and strengthen its United Arab Emirates, Saudi Arabia, the UK, GCC and Egypt. The senior regional presence. The Bank is Egypt and Oman. management team has many years of particularly interested to expand its EIIB is active in three businesses: asset experience in the Bank’s core markets business in the United Arab Emirates, management, specialist banking and and is currently focused on launching Saudi Arabia and Qatar as well as GCC proprietary investing. The Bank’s innovative products in addition countries and Malaysia. approach has been carefully tailored to strengthening EIIB’s natural role to meet the requirements of its as a conduit between the GCC and Contacts institutional client base of pension London. The team is also committed www.eiib.co.uk funds, family offices, corporates, to promoting EIIB’s ethical banking insurance companies, banks and principles at a time when ethical EIIB plc other financial institutions. The group considerations are deemed Milton Gate has a diverse shareholder base of  increasingly important by 60 Chiswell Street over 200 international and regional institutional investors. London EC1Y 4SA investors, many of whom invest T: +44 (0)20 7847 9900 The current Chief Executive, Zak alongside the group. Hydari, was appointed in late 2011 with EIIB is strategically positioned to a mandate to build a market leading, facilitate trade and investment specialist bank and asset manager. between the GCC and the UK. The GCC The business was subsequently UK Excellence in Islamic Finance  35

Gatehouse Bank plc

Gatehouse Bank plc is a wholesale Sharia compliant investment bank based in the City of London, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Gatehouse Bank plc was founded in Most recently achieving a 98 per cent Structured Finance 2008 and has achieved full banking return on equity in an entitlement deal The Structured Finance Team operations with divisions in Real in San Francisco, California. provides attractive Sharia compliant Estate, Treasury, Wealth Management, real estate backed subordinated debt Real Estate and Sharia Advisory. To date, the Bank Sukuk and securitisation opportunities Gatehouse Bank has an experienced manages US$1.7 billion real estate for partner institutions. real estate and asset management assets in the USA and United Kingdom. team, with expertise in sourcing, Sharia Advisory In December 2012, Gatehouse Bank structuring and advising on real estate Gatehouse is in a unique position to plc issued its first real estate backed investments. The team undertakes offer comprehensive Sharia services Sukuk using an existing asset under necessary reporting functions and working within the infrastructure of  management. This was also the first provides a full suite of property an investment bank. The in-house ever real estate backed sterling Sukuk management services. The Bank has team at Gatehouse provides essential al-Ijarah in the UK. maintained a successful track record functions to assist in product With its head office in London, in real estate acquisitions and has structuring, audit and compliance Gatehouse Bank bridges the Islamic profitably realised a number of and documentation review according hubs in the GCC and South East Asia investments both in the USA and to Sharia law. through a representative office in United Kingdom. Gatehouse Bank plc strives to be a Kuala Lumpur, Malaysia and with  Wealth Management trusted investment partner to clients, the help of its associate company, Gatehouse Bank provides wealth bridging opportunities between East Global Securities House based in management solutions by preserving and West. Kuwait City, Kuwait. and prudently growing clients’ wealth. What we do The Wealth Management Team Contacts Combining international financial provide professional and institutional www.gatehousebank.com market expertise with excellence in clients with real estate investment Sharia Principles, Gatehouse Bank plc opportunities that improve the cost Abdulaziz AlDuweesh, Head of Wealth is in a unique position to engage with efficiencies of managing assets. This Management, Gatehouse Bank plc an international client base from includes geographical real estate T: +44 (0)20 7070 6000 Europe, GCC and South East Asia, asset allocation and diversification, seeking safe haven assets and financing solutions, structuring and diversification for their portfolios. proprietary deal opportunities. Gatehouse Bank plc provides solutions Treasury for clients’ wealth preservation needs Providing dedicated products  through income producing real estate and services, the Treasury Team products. The Bank has maintained a engages in active asset and liability successful track record in real estate management across a multitude  acquisitions and has profitably of Sharia compliant asset classes. realised a number of investments. 36 UK Excellence in Islamic Finance

HSBC

Since the inception of its Islamic finance banking operations in 1998, HSBC has been a pioneer in the Sharia compliant capital markets industry. HSBC has developed particular expertise and driven innovation in the structuring and issuance of Islamic bonds (Sukuk) and is one of the largest underwriters of Sukuk globally.

The Bank has been involved in a series 2012 was a record-breaking year for HSBC has carried this momentum into of ‘firsts’ in Islamic finance. These the global Sukuk market and HSBC 2013 and landed another first acting as began in June 2002 with the first was involved in many of the most joint bookrunner and lead manager for global Sukuk issuance; a US$600 notable transactions. HSBC assisted the US$2 billion Sukuk offering by the million five year offering by the Turkey in drafting its Sukuk law, Saudi Electric Company in March. The Malaysian Government for which enabling the sovereign to make its Sukuk, which has a maximum tenor of HSBC was the sole bookrunner. This entry into the global market. In 30 years, opened the door for issuers was followed in September 2003 by  September 2012 the Republic of and investors globally to extend their a US$700 million seven year Sukuk Turkey issued a US$1.5 billion five-and- maturity profiles and invest in long- offered by the State of Qatar – the first a-half year offering, for which HSBC dated Sharia compliant assets. global Sukuk by an issuer from the acted as joint bookrunner and lead HSBC’s industry-leading Islamic Co-operation Council for the Arab manager. This was quickly followed by capital markets offering has won States of the Gulf (GCC) region. another milestone in November when multiple awards for innovation and HSBC acted as structuring advisor HSBC continued its pioneering work  structuring from renowned and joint bookrunner for Abu Dhabi in Malaysia. In September 2006, the publications such as Euromoney, IFR, Islamic Bank’s pioneering issue of the Bank acted as a joint bookrunner and EMEA Finance and The Banker. first perpetual Sukuk. This US$1 billion lead manager for a US$750 million transaction was structured as a Tier 1 issue by Malaysian sovereign wealth hybrid capital issue and its success Contacts fund Khazanah Nasional. The issue enabled other issuers to access the www.hsbcamanah.com.my was the first exchangeable global Islamic bank capital markets. www.hsbc.com.my Sukuk to be offered in the market.  In April 2007 HSBC arranged a US$300 million subordinated Tier II Sukuk issued by Maybank (Malaysia’s largest commercial bank), the first of its kind to be offered globally. UK Excellence in Islamic Finance  37

Islamic Bank of Britain

In 2014 Islamic Bank of Britain (IBB) will celebrate ten years of providing Sharia compliant retail financial products to UK consumers. Hailed as the pioneer of British Islamic banking, IBB has become a flagship institution for the British Islamic finance industry and it remains unrivalled as the UK’s only wholly Sharia compliant retail Islamic bank.

With a staff of 120, IBB has attracted Ethical banking Importantly, as part of Qatar over 50,000 customers and currently The Bank’s offering, which it dubs as International Islamic Bank (QIIB), a offers the widest range of Sharia ‘Banking you can believe in’, has also leading Islamic Bank, IBB stakeholders compliant financial products in the UK. seen a surge of interest from non- are reassured that the Bank is built  Muslim customers. Its faith-based on strong and stable foundations. Sultan Choudhury, Managing Director foundations are becoming increasingly of IBB, says, “As a young, innovative, recognised as providing an ethical High expectations Sharia compliant bank, IBB has alternative to conventional banking. As Sultan Choudhury concludes, enjoyed tremendous popularity. “Over the last decade IBB has proven There is a fertile, and growing, Wide product range itself a worthy leader of British Islamic Continued business growth is expected consumer market for Islamic finance finance and we are proud of our from across IBB’s range of over 30 in the UK and we expect demand for achievements. The Bank will continue products. This includes banking, savings IBB’s products and services to and home finance products for the retail to innovate and we look forward with continue to increase”. consumer; a wealth management and high expectation to the next ten years”. Sustained growth premier banking service for High Net His optimism stems from the year  Worth Individuals (HNWI), including Contacts on year growth in revenues that the accreditation of investment and pension www.islamic-bank.com Bank has enjoyed since its inception  offerings; the UK’s only Sharia compliant business banking service, including E: [email protected] in 2004. This is backed by IBB’s 2012 commercial property finance; and T: +44 (0)121 452 7300 Annual Results which revealed that finance products for residents of Gulf retail deposits increased by 22 per countries looking to buy a property cent, home financing increased by in the UK. over 90 per cent and the Bank’s total assets are now US$401 million. Outstanding customer service With an integrated, multi-channel He also points to the growing British strategy, IBB also offers outstanding Muslim population. Figures from the customer service. Consumers can 2011 census found that with 2.7 million access IBB via its network of seven Muslims in England Wales, the branches and agencies, located in major population has increased from 3 per cities across the UK. The Bank also cent to nearly 5 per cent in ten years, offers telephone and online banking providing a further indicator of IBB’s which, following significant investment, potential for growth. represents a key channel for the Bank. In 2012, 14 per cent of IBB’s long term deposits were raised via online banking and this level is expected to grow. 38 UK Excellence in Islamic Finance

J.P. Morgan

Part of a leading global financial services group with assets of US$ 2.4 trillion and with the experience of serving many of the world’s most prominent corporate, institutional and government clients, J.P. Morgan is committed to offering Islamic finance solutions.

With English law governing In 2013, J.P. Morgan appointed “We are keen to build out our Islamic increasingly more Islamic finance Hussein Hassan, widely acknowledged platform around clients’ demands in contracts, Sukuks being frequently as one of the industry’s most this ever-changing business landscape, listed on the London Stock Exchange experienced Islamic banking experts, but with our firm-wide global and by identifying London as a key as Global Head of Islamic Finance. capabilities and financial strength, we business centre for Muslims globally, feel well equipped to meet this exciting “Coupling the retention of world- J.P. Morgan’s longstanding presence challenge,” adds Hassan. renowned Sharia scholars on in the UK provides a unique platform J.P. Morgan’s Sharia Advisory Board All products developed by J.P. Morgan from which to deliver a comprehensive with our core expertise in corporate are approved by our Sharia Advisory range of Sharia-compliant products and investment banking, our Islamic Board and a core team of and services to corporate and investor finance strategy is to offer clients knowledgeable experts. clients globally. financial solutions that best meet  Over recent years, J.P. Morgan has their objectives whilst at all times Contacts observed a significant increase in keeping their Sharia needs in mind,” www.jpmorgan.com demand for Sharia-compliant financial says Hassan. solutions. To respond to this, we have Hussein Hassan, Global Head of J.P. Morgan now offers a suite of invested significantly in recruiting  Islamic Finance Islamic derivatives products, public high calibre product specialists and  E: [email protected] and private debt and equity capital by training our legal and tax T: +971 4 428 1665 markets issuances and has provided professionals to provide bespoke working capital financing to its clients Sharia-compliant solutions. for some time. UK Excellence in Islamic Finance  39

Mashreq

Mashreq has provided banking and financial services to millions of customers and businesses since 1967. Mashreq is one of the United Arab Emirates’ leading financial institutions with a presence in 12 countries including Europe (London), the USA, Asia and Africa. We focus on providing our customers with access to a wide range of innovation products and services including Islamic banking and finance.

At Mashreq we believe that it is vision, Award; the ‘Best Banking Innovation’ Mashreq Al Islami has an independent leadership and a single-minded award by Banker Middle East Industry Sharia Supervisory Board consisting devotion to clear goals that sets us Awards; and the ‘Best Regional Bank of world renowned Sharia Scholars. apart. We have built an organisational Award’ By Banker Middle East. Based on its innovative, transparent culture based on these fundamental and coherent Sharia compliant Mashreq has a number of subsidiary values and a common vision, mission platform and offering, Mashreq Al companies within its region, serving and goals. It is our determination and Islami is the first and only financial specific customer needs from commitment to excellence that enables services entity from the UAE to securities brokerage, investment us to succeed. The spirit and the drive become a board member of services, insurance, information to be the best bank for our customers International Islamic Financial Markets technology and Islamic banking  are the qualities that endure. (IIFM), the internationally recognised and finance. body for setting Islamic money and Mashreq is the largest private sector Under the brand of ‘Mashreq Al Islami’, capital markets standards . bank in the UAE with more than  Mashreq offers a complete range of 60 branches – one in every two Islamic banking products and services households banks with Mashreq. to its customers from the UAE and Mashreq has a growing retail presence across various jurisdictions. Mashreq Contacts in the region including Egypt, Qatar, Al Islami’s aim is to offer progressive www.mashreq.com Kuwait and Bahrain. Islamic banking for the modern world. www.mashreqalislami.com Each year Mashreq is recognised for It has already been recognised as one its banking services. During 2012-13, of the best providers of Islamic the bank received the World Finance products and services receiving the ‘Best Banking Group UAE’ award; the ‘Best Islamic Window’ and ‘Best ‘Best Debt House’ award by EMEA Islamic Investment Fund’ awards by Finance – Middle East Banking Awards; Banker Middle East, Islamic Business & the ‘Best Retail Bank UAE’ award by Finance and MENA Fund Managers Global Banking & Financial Review between 2010 and 2013. 40 UK Excellence in Islamic Finance

Standard Chartered Saadiq

As a major international bank with a long-standing heritage and a global network that covers much of the Muslim world, Standard Chartered is ideally placed for a prominent role in this ever- expanding market. Staying close to the Bank’s core values, its global Islamic Banking brand, Saadiq, was launched in early 2007 to create a distinct identity and to reiterate the Bank’s commitment to provide innovative banking solutions based on Islamic values.

The word ‘Saadiq’ (‘truthful’ in Arabic) Standard Chartered Saadiq has been Since 2006, Standard Chartered has been carefully selected for this a bookrunner on the second-highest Saadiq has won more than 100 Islamic Banking offering. At Standard volume and number of International industry awards, including Best Chartered Saadiq, the dedicated Sukuk deals over the past five years, International Islamic Bank and Best Islamic Banking team combines Sharia leading 35 deals worth US$6.46 billion Structured Products House in the expertise with strong business between 2007 and October 2012. Euromoney Islamic Finance Awards acumen to offer customers the best  Over the same period, it was the 2013, in recognition of the market of both worlds – comprehensive leader in European, Middle East and leadership position of the business. international banking services with  African Islamic syndication. a wide range of Sharia compliant In addition, to ensure conformity of  Contacts financial products. Saadiq offers all products with the tenets of Sharia, www.standardchartered.com. Islamic Banking services across all the Bank has an independent Sharia my/saadiq consumer banking customer Supervisory Committee with three  segments from Private, Priority, of the world’s most renowned Sharia Preferred to SME Banking. scholars. All Standard Chartered With operations in Malaysia, UAE, Saadiq products and transactions are Pakistan, Bangladesh, Bahrain, developed in consultation with these Indonesia and Kenya, Saadiq offers a independent Sharia scholars and range of products including Retail, approved by them prior to distribution. Wholesale, SME and Insurance. In 2012, it revamped its private banking proposition out of London, Geneva, Jersey and the Dubai International Financial Centre. UK Excellence in Islamic Finance  41

QIB (UK)

QIB (UK) plc is the UK subsidiary of Qatar Islamic Bank (QIB), one of the world’s leading Islamic banks. We combine the experience and expertise of our progressive parent company with the skills of our specialist teams to offer our clients innovative financial solutions.

Through the QIB Group network we Located in the heart of Mayfair, QIB Contacts know the GCC and we know the central (UK) can help High Net Worth clients www.qib-uk.com London market. Owning real estate in with both the sourcing and financing E: [email protected] the UK has long appealed to investors of residential assets across the prime T: +44 (0)20 7268 7200 from the GCC. In recent years areas of London and the wider market. overseas investors have come to see We also provide support, market and Prime London real estate as a safe and structuring expertise and finance to profitable haven: in 2012, 42 per cent clients contemplating development of residential and 72 per cent of projects and investments in the office, commercial central London real estate logistics and hotel sectors. acquisitions were undertaken by Our Treasury team offers a range of overseas buyers. Sharia compliant services to clients: QIB (UK) is well placed to add value to Murabaha and Wakala deposits, spot GCC investors looking to acquire real and forward foreign exchange, profit estate assets or undertake real estate rate swaps, Sukuk trading, and market development projects in the UK. Since analysis. authorisation in 2008, QIB (UK) has We also offer specialist Sharia forged a successful financing track compliant Investment Funds, which record and established a reputation can meet clients’ Sharia compliant for informed and personal client care. investment objectives with highly It has assembled a seasoned real competitive solutions which offer estate team which is expert in flexibility of maturity, capital originating/advising, Islamically protection, currency, underlying structuring and underwriting exposure and investment profiles. financing across different property sectors. We can also draw on the support of our parent (QIB Doha) when dealing with large scale transactions, or supporting clients new to the UK market. Business Profiles Financial and Professional Services

“The UK’s largest accountants, consultants and professional service firms all have Islamic finance departments providing trusted advisory services to UK and international clients.” UK Excellence in Islamic Finance  43

Aberdeen Asset Management

Aberdeen Islamic Asset Management provides Sharia-compliant fund management services using the same in-house fundamental investment process as that of the Aberdeen Asset Management group over the past 30 years. We have found that our aversion to investing in companies which lack focus, transparency and asset backing has a natural fit with the principles of Sharia investing.

A Global Group Aberdeen in Malaysia Sharia Unit Trusts Aberdeen Asset Management PLC Aberdeen Islamic Asset Management Earlier this year, AIAMSB launched  (‘Aberdeen’) is a global investment Sdn Bhd (AIAMSB) received its licence two Sharia-compliant equity unit management company that manages from the Securities Commission to  trusts investing in Malaysian and  assets for both institutional and retail be an Islamic Fund Manager in March global equities. These unit trusts are clients from its offices around the 2009. The company is a wholly-owned registered in Malaysia by the Securities world. The company was formed in subsidiary of Aberdeen Asset Commission and have unit classes 1983 via management buyout and, Management Sdn Bhd (AAMSB), the enabling investment by retail and since then, has grown through a first foreign-owned fund manager to institutional clients in Malaysia and combination of acquisition and  be licensed by the Malaysian Securities overseas. The former fund is managed organic growth. Commission, and itself fully owned by by Aberdeen’s award-winning Aberdeen. As a group, we have been Malaysian equity team, while we An independent company, we value managing Sharia mandates for a delegate the management of the latter the lack of conflicts which this brings,  number of years on a white label basis. to Aberdeen’s global equity team in a simple approach to investment and  Edinburgh under the guidance of a commitment to products that The products we offer currently  AIAMSB and its Sharia adviser IBFIM. investors can understand. Our are Sharia-compliant equities and strengths are teamwork, first-hand Sukuk for local and overseas research and an emphasis on good institutional clients. Contacts fundamentals for security selection. www.aberdeen-asset.com.my/aam. We have a dedicated team in Kuala nsf/malaysiaAIAMSB/home Aberdeen has been listed on the Lumpur which is backed by the full London Stock Exchange since 1991 and resources of the Aberdeen group  Gerald Ambrose/Johari Ali Abdullah, entered the FTSE 100 in 2012. As at and which adheres to a common CEO, Aberdeen Islamic Asset end June 2013, our total assets under investment approach, in combination Management Sdn Bhd management were US$318 billion. with the Sharia screening by an E: [email protected] independent Sharia adviser, Islamic T: (+6) 2053 3803 Banking & Finance Institute Malaysia Mohd Najman Mohd Isa Sdn Bhd (IBFIM). E: [email protected] T: +60 3 2053 3815 Nur Syafiqah Hashim E: [email protected] T: + 60 3 2053 3818 44 UK Excellence in Islamic Finance

Cobalt Underwriting

Cobalt Underwriting provides specialist Sharia compliant products and services to support the commercial activities of the global Islamic finance industry, and acts as a single focus for London in the distribution of Sharia compliant insurance business around the world.

Its sister company Cobalt Advisory The Arab Spring has had a profound Cobalt’s Sharia Supervisory Board is provides Sharia Audit, Training and effect in the Muslim world with a chaired by one of the world’s leading Certification services and will in the number of governments now much Sharia Scholars Sheikh Nizam Yaquby fullness of time help develop and more focused on behaving in a who works with an experienced promote new liquid Sharia compliant perceived Muslim way. Whilst most management team to ensure the investment products to support the have not gone to the extreme of products offered meet Islamic funds created by Cobalt Underwriting insisting that all aspects of business regulations. Investors in the venture and the wider Takaful industry. activity are fully Sharia compliant, include major UK outsourcing services most are keen to see behaviour provider Capita and leading western As London looks to win a bigger slice change toward more Sharia rather Islamic institution, The Bank of of the global Islamic finance market than less. This of course means an London and the Middle East. (which is set to reach US$1.8 trillion in increase in demand. In addition to  assets this year) the launch of Cobalt The launch of this new exciting the geopolitical influence, the Sharia Underwriting signals the creation of venture comes just weeks before Scholars that govern the behaviour  an innovative and unique insurance London hosts the World Islamic of Sharia compliant institutions across facility which will in effect put London Economic Forum (WIEF) and is clear the globe, have become increasingly at the heart of the global Islamic evidence that London delivers the frustrated that the principle of insurance market. innovation required to meet the needs necessity (“dharura”) is being of Islamic business where the markets Cobalt Underwriting will enable continually used to allow Islamic have previously failed and clearly Islamic financial institutions and institutions to purchase non-Sharia demonstrates that London is corporations to access Sharia compliant protection. With Cobalt able innovative, means business and compliant insurance products backed to access capacity from across the remains the home of global insurance by capacity from the world’s insurance London Market, this compromise  and finance. market. It is based within the iconic and concession is now going to be Lloyds of London building and is increasingly difficult to justify. supported by capacity from several of Contacts the globe’s leading insurance carriers www.cobaltuw.com providing protection for commercial Richard Bishop, CEO risks from commercial property to E: [email protected] financial institutions. T: + 44(0)20 3176 6201 UK Excellence in Islamic Finance  45

DDCAP Group

Founded in 1998 and headquartered in central London, with presence in the Middle East, DDCAP is majority owned and controlled by IPGL, the most significant shareholder in ICAP plc. DDCAP positions itself as an intermediary in the Islamic Financial Services Industry, providing structuring support, trade execution and value added services to its global clients.

DDCAP holds a unique market position The services of DDCAP have been In recognition of such services, DDCAP as a facilitator across a diverse range utilised in a large number of high has received a number of awards, of Sharia compliant products, asset profile transactions (additional details the most recent of which, in 2012 classes and instruments in both the of which can be found on their and 2013, include: primary and secondary markets, website) and which cover a diverse “Best Structuring Intermediary providing asset facilitation services range of structures including: in Debt Capital Markets” – ICG London to over 250 third party institutions ——Intermediary services to a diverse 2013 Sukuk Summit including central banks and government group of Islamic banks and financial entities, Islamic banks, conventional “Best Interbroker for Islamic services companies introducing banks, funds and private offices. Transactions” – IFN Awards Best innovative liquidity management Service Providers Poll 2012 DDCAP is a member of the solutions in UK, Europe, Middle East, International Islamic Financial Market. SE Asia and North America; “Best Supporting Institution in Islamic Its wholly owned subsidiaries include finance” – Global Islamic Finance ——Asset-based structures for the  DD&Co Limited and DDGI Limited. Awards 2012 short term liquidity investment As a firm DDCAP has an extensive requirement of Islamic and “Best Facilitator of Secondary Market track record within its industry conventional financial institutions; Sukuk Trades” – ICG Islamic Finance segment and in recognition of its long Awards 2012 ——Revolving, multi-allocation standing commitment to the Islamic Morabaha programmes for Islamic financial services industry, DDCAP  financial institutions in the Middle Contacts has recently convened its own Sharia East, Asia and Europe; www.ddcap.co.uk Supervisory Board comprising three pre-eminent Saudi Sholars with Dr ——Third party diversification for DDCAP Limited Fareed Hamed as its Sharia Liaison wholesale short term Sharia Stella Cox, Managing Director Consultant. compliant liquidity programmes to Lawrence Oliver, Deputy CEO enable Islamic financial institutions, E: [email protected] DDCAP has a dedicated team of  operating globally, diversified T: +44 (0)20 7863 1250 35 professionals, with broad and recourse to regional and Trading Desk: +44 (0)20 7863 1266 complimentary skill sets drawn from international counterparty risk; diverse financial industry-based DDCAP (DIFC) Limited backgrounds, focused principally on ——Services for a number of sizeable Cassim Docrat, Director providing service to Islamic financial bi-lateral and syndicated Murabaha E: [email protected] markets participants around the world. financing facilities arranged by client T: +971 4 401 9844 banks for their own customers. Such The DDCAP team is headed by Stella Cox, facilities have supported investment Managing Director, who has received in real estate and corporate a Lifetime Achievement Award of acquisition, as well as being utilised Excellence for Outstanding Contribution for general business purposes. to Islamic finance in the UK. 46 UK Excellence in Islamic Finance

Deloitte

Deloitte offers a compelling proposition to the Islamic finance industry, advising both Islamic and conventional financial institutions seeking to leverage our expertise. We are unique in having a Sharia Scholar, Mufti Hassaan Kaleem, working alongside our audit, consulting, corporate finance and tax specialists. This combination represents a real breadth of knowledge and expertise and facilitates efficient delivery of our advice within a Sharia compliant framework.

Audit & Assurance Islamic Financial Advisory: ——Zakat Advisory is a service to Audit & Assurances provides statutory ——We offer comprehensive lead calculate the correct amount of audit, accounting and internal advisory and transaction support Zakat payable by an individual or a assurance services to both Islamic services that encompass the full company in accordance with Sharia. Financial Institutions (IFIs) and Islamic range of buy-side, sell-side and Product development window operations. For new valuation activities, whilst identifying In conjunction with our Sharia Scholar, institutions, we support regulatory and successfully managing Sharia the Islamic Product Development application planning, through to matters relating to transactions.  Advisory service provides a one-stop achieving regulatory approvals. We have strong experience of solution for product development We have assisted a number of IFIs undertaking significant transactions requirements, from design through in setting up a UK regulated entity in the Islamic finance industry for to implementation. and the initial set up of compliance both retail and wholesale IFIs; framework and other UK regulatory Islamic investment funds ——Sukuk Advisory services involve requirements. We have also assisted The Islamic Funds Advisory service the development and execution our clients with a regulatory strategy brings together Tax, Sharia and of Sukuk transactions. Using our in relation to cross-border and Corporate Finance expertise, expertise, we deliver our services international diversification. providing support for established to a variety of organisations, ranging and new funds, from inception Tax from the largest IFIs through to fund investment. We are recognised as a leading to local institutions. provider of tax services to the IFI Sharia Advisory: sector in the UK. In particular, we have Contacts ——We help institutions address Sharia looked extensively at creating a level www.deloitte.co.uk issues prior to engaging their Sharia playing field for the tax treatment Supervisory Board. This mitigates Peter Muir, Partner, Islamic Finance of Islamic products with their the risk of Sharia non-compliance; E: [email protected] conventional equivalents. This T: +44 (0)20 7303 2805 has involved representation on ——We design and execute audit HM Treasury working groups and programmes to facilitate the Atif Yusuf, Director, Islamic Finance other industry bodies and forums. ongoing monitoring of Sharia E: [email protected] compliance, as defined by the Sharia T: +44 (0)20 7303 8894 Consulting Supervisory Board; We offer a broad spectrum of Omar Zahidi, Manager, Islamic Finance consulting services including advising ——We help institutions design and E: [email protected] on a range of issues from business implement robust governance T : +44 (0)20 7303 4544 strategy through to operational frameworks, reflecting the specific implementation and IT system requirements of operating under selection and implementation. a Sharia Compliant framework; UK Excellence in Islamic Finance  47

Eiger Trading Advisors Ltd

Eiger Trading Advisors Ltd (“Eiger”) is an independent and privately owned Commodity Brokerage and Investment Advisory firm established in 2008. The firm is majority-owned by the Senior Management and operates across a number of business lines in physical commodities, including Islamic finance, commodity trade finance, and fund management and advisory.

We strive for excellence in a sector The services provided include the Commodity Trade Finance and that provides diversification from structuring and execution of Islamic Risk Mitigation traditional asset classes and types. treasury and capital markets products Eiger assists commodity producers The team has a combined knowledge through our web-based trading and traders with trade finance via a of over 200 years of commodity and platform, and origination and network of counterparties that will: financial market experience. The syndication in Islamic capital markets. ——Confirm Letters of Credit issued by company is a member of the London Trade Finance Fund Advisory & financial institutions domiciled in the Metals Exchange (LME) and the British Management MENA region; Coffee Association, and is authorised Eiger provides investment services to and regulated by the UK’s Financial ——Discount receivables emanating institutional investors in commodity Conduct Authority (FCA). from the sale of commodities into markets, where our expertise in the MENA region; Eiger is built on the extensive sourcing, logistics, financing and experience of its senior partners who industry is complemented by our ——Finance commodity stocks held in have all enjoyed long and successful extensive relationships with financial the MENA region; careers in the conventional and institutions in the Islamic world. In ——Enter into the purchase and resale  Islamic financial industries. An asset addition, our understanding of the of commodities. growth policy is in place to promote precise needs of Sharia compliant the ongoing delivery of first class investors allows us to leverage our Eiger are also able to act as adviser investment services in all of our expertise and experience in the and arranger for commodity principal business activities. commodities markets to structure and companies wishing to raise finance, advise on innovative fund products either on a bilateral or syndicated Principal Business Activities tailored for the Islamic finance basis, within the MENA region. Islamic Products & Services marketplace. The result is to provide a Eiger’s experienced professionals are Sharia compliant money market return Islamic trade intermediaries providing Contacts profile through financing value chain Islamic financial institutions with www.eigertrading.com opportunities within global trade. custom bespoke products in a range E: [email protected] of commodities, including liquidity T: +44 (0)20 3216 2500 management tools and Sharia compliant trade finance and logistics products, as below: ——Liquidity Management ——Structured Products ——Sharia compliant Funds (advisory and under management) 48 UK Excellence in Islamic Finance

Ernst & Young

EY offers unrivalled understanding of Islamic finance challenges and opportunities in the UK and across the globe.

Business visions shaped by insight requirements and concerns are Supporting Islamic finance Our clear understanding of the key in relation to Islamic finance; EY is actively engaged in supporting issues facing Islamic finance enables the development of the Islamic  ——External audit of Islamic banks us to develop strategies and finance within UK. We host training and funds; recommendations that meet business opportunities for finance professionals needs. Our insights are valued by ——IPO on AIM of an Islamic bank; and for Sharia scholars. Our staff  clients globally. sit on both government and Islamic ——Tax structuring for large commercial finance forums, in advisory and Global Islamic Banking Centre property developments financed knowledge sharing capacities, Headquartered in Bahrain as the first partly or wholly with Sharia supporting the development of fiscal global group dedicated to Islamic compliant funds; and broader strategy and polices.  banking advisory services, our ——Assisting large European and UK We contributed to legislative and multi-award winning team includes banks to understand the fundamental regulatory changes that created a professionals working full time on economics, tax, regulatory and IFRS ‘level playing field’ for Islamic finance Islamic finance, with specialists located accounting implications for Sharia in the UK. in all the world’s financial centres. compliant products; Our UK-based Islamic finance team ——Assisting an Islamic bank with the Contacts provides a range of specialist services selection and implementation www.ey.com/uk across advisory, assurance, planning of its IT infrastructure and transactions and tax. Ken Eglinton, UK Islamic Financial operating model; Services Director, Ernst & Young LLP Working with colleagues around the ——Advising on the establishment of E: [email protected] world, we assemble multi-disciplinary Islamic private equity and property T: +44 (0)20 7951 2061 teams so that our clients benefit  funds, setting up industry leading from our market leading Islamic Ernst & Young LLP is a member of structures and operational finance expertise and deep local the global network of Ernst & Young frameworks; understanding of UK regulatory, fiscal, firms (EY), each of which is a separate accounting and commercial issues. ——Advising on Middle East-based Islamic legal entity. private equity funds investing in EY are uniquely positioned to support European assets, providing financial our clients through the establishment and commercial due diligence in of Islamic finance operations in the addition to tax advisory on deals; UK, and thereafter. ——Supporting Sharia compliant Services provided by EY’s UK financial institutions with regulatory Islamic finance team compliance and governance needs. ——Acting as lead regulatory advisor to several Islamic banks and Takaful insurers obtaining UK regulatory authorisation. We have strong relationships with the UK regulators and understand well what their UK Excellence in Islamic Finance  49

IFAAS

IFAAS (Islamic Finance Advisory & Assurance Services) is an independent specialist Islamic finance consultancy providing bespoke professional services to a range of financial institutions. Founded in 2007, IFAAS works closely with organisations to steer them through the challenges posed by the rapidly expanding and dynamic Islamic finance industry.

It has played, and continues to play, an To maintain the stability of the new To ensure that the newly launched instrumental role in the development framework, IFAAS also delivers product or operation is primed for and the growth of industry pioneers in capacity-building services. These success, IFAAS also undertakes Europe, Africa, the Americas and the include knowledge-transfer feasibility studies and market Middle East. IFAAS’ client portfolio programmes, training courses and research. These are complemented  includes central banks, regulators, strategies to develop human capital. by IFAAS’ operational implementation governments, retail and wholesale services, bespoke training and Sharia Developing the pathway to success banks, insurance companies, asset audit capabilities, all delivered by its The continued success of the Islamic managers and corporates. team of AAOIFI certified professionals. finance industry is dependent upon Helping fledgling markets to grow the development and implementation Global expertise, local service The growth of Islamic finance, of Sharia compliant products that With an end-to-end service, IFAAS is particularly in emerging market comply with the local regulatory renowned for delivering effective economies, brings up several requirements and meet the needs  solutions to the Islamic finance challenges; IFAAS’ expertise plays a of the local customers. industry which help clients to save vital role in the introduction of new money and time to market. IFAAS possesses an enviable range  Islamic finance structures. Furthermore, IFAAS has offices in the of capabilities in this area. It has UK, France and Bahrain, and teams At a macro level, the need for the developed over 100 different Islamic working on projects in over 10 different appropriate regulatory and tax finance products across several countries. This allows IFAAS to deliver frameworks is critical in order for the countries and for a range of a truly global service which caters to fledgling industry to thrive. IFAAS’ organisations in retail and wholesale the local market requirements of its capability in this area has been called banking, insurance and capital clients, including delivering all services upon by central banks, market markets. These include established in English, French and Arabic. regulators and governments in several Islamic banks and Islamic windows countries. Its scope of work includes ready to expand their offering, new reviewing the regulatory framework, financial organisations looking to Contacts examining the legal and tax identify a core product range for their www.ifaas.com environment, adapting and re-writing initial target market, as well as central E: [email protected] new frameworks, and setting out an banks and governments looking to T: +44 (0)8444 821 941 implementation path leading to the facilitate the growth of the local stable introduction of Islamic finance Islamic finance industry. in the relevant country. 50 UK Excellence in Islamic Finance

The Islamic Finance Council UK

The Islamic Finance Council UK (UKIFC) is a not-for-profit body established to promote and develop the Islamic finance industry. The UKIFC has been appointed to advise a number of governments on policy setting and capacity building, and pioneered the development of a global continuous professional development (CPD) educational programme for Sharia scholars; the only one of its kind.

The Board Members of the UKIFC ——Promoting Ethical Finance: ——Issued the pioneering ‘Enhancing represent a unique group of highly promoting better co-ordination and Sharia Assurance’ report together qualified professionals spanning the an enhanced understanding of the with Bank Negara body ISRA banking, legal and financial advisory shared values amongst operators  (Malaysia); sectors. Being led by industry in Islamic finance and the broader ——Over the past 24 months held a practitioners is a key differentiator of ethical finance arena. systematic series of Ethical finance the UKIFC, enabling it to focus its work In addition to the above the UKIFC roundtables in Edinburgh, Scotland; on core sector issues whilst have worked with developing new complimenting the work of other ——Held over 20 scholar CPD training models for Awqaf, Islamic microfinance developmental agencies in the sector. sessions globally; and Islamic credit unions. The UKIFC has developed expertise  ——UKIFC Board Members have Select example work: in four key areas: lectured and presented at a variety ——Formally appointed to advise two of UK business schools and ——Government Advisory: policy European governments and an universities and at multiple strategy development for Islamic/ African government on setting international conferences including non-interest finance, technical policy for Islamic/non-interest Indonesia, Malaysia, UAE, Bahrain, capacity building and drafting finance within a secular framework; Libya, Russia, Senegal, Nigeria and regulatory frameworks for Germany, amongst others. government agencies (tax, ——Supported the development of the regulatory authorities, etc.); UK Government’s Islamic finance framework through UKIFC Board Contacts ——Enhancing Sharia Governance: Members involvement in the  www.ukifc.com empowering Sharia scholars and HM Treasury and UKTI Islamic members of the internal Sharia E: [email protected] finance subcommittees; compliance units through running the only global CPD training ——Drafted the Takaful guidelines and programme that has received supported in the development of the endorsement from government taxation framework for a leading agencies and central banks in the African jurisdiction; UK, Bahrain, Dubai and Malaysia. ——Created a pioneering Waqf Developing Sharia audit investment policy for the largest programmes and auditing western Islamic charity; frameworks; ——Delivered tailored executive capacity ——Thought Leadership and building for senior bankers and Education & Awareness regulators in UK, Dubai and Africa; Campaigns: research and issuing sector reports. Designing and running community education campaigns dealing at the grass roots level and addressing financial inclusion issues; UK Excellence in Islamic Finance  51

KPMG

KPMG in the UK helped establish the first authorised stand-alone Islamic financial institution in the UK and Western Europe in 2004. Since that time, KPMG in the UK has gone on to act as auditor and advisor to more Islamic financial service providers in the UK than any other firm.

KPMG is committed to the growth and In 2012 alone, KPMG in the UK, was We work directly with the likes of development of the Islamic finance engaged with all Islamic financial AAOIFI and the Islamic Development market. Despite the formidable institutions in the UK and supported Bank to foster the development market challenges that the entire three FTSE 100 banks with their of a suitable infrastructure for Islamic financial services industry has been Islamic finance propositions. finance around the world. facing over the past years, we have We are engaged with regulators and KPMG has been recognised for worked hard to support our firms’ government bodies in most global services to Islamic finance by being clients’ aspirations. markets to drive the debate and nominated as the ‘Best Islamic KPMG member firms around the facilitate the growth of Islamic finance. Assurance & Advisory Firm’ at the world currently work with Islamic In the UK, the KPMG team has been Euromoney Islamic Finance Awards financial institutions in the UK and working closely with HM Treasury  in 2008 to 2013, Best Takaful Advisory Europe, the GCC, the Asia Pacific and HM Revenue and Customs over  Firm in Europe and North America at region, South Asia, Central Asia, a number of years to enable new the Takaful Leadership Awards in 2011 North America and Africa as well legislation to be drafted to allow as well as outstanding contribution as with corporates, industry bodies financial institutions to offer compliant to Islamic Financial Services at the and financial regulators. products without suffering the 2011 to 2013 London Sukuk Summits. adverse direct tax consequences  KPMG in the UK has acted for all that would have resulted previously. Islamic financial institutions in the  Contacts UK, including the first UK Takaful The team has also been directly www.kpmg.co.uk company, conventional banks with engaging with the regulatory Samer Hijazi, Director, KPMG Islamic windows, global asset authorities to facilitate a better E: [email protected] managers as well as UK corporates understanding of the challenges T: +44 (0)20 7694 2807 seeking to tap into Islamic finance. arising from Islamic finance in a secular environment. Our team KPMG services have included audit therefore continues to play a pivotal services as well as accounting, role in the development of new direct regulatory and tax advice on Islamic tax legislation and regulations. products and transactions services. We have also delivered Sharia Samer Hijazi of KPMG in the UK also governance and compliance acts as Chairman of the UK Islamic assurance services to a range of Finance Accounting, Tax and Islamic finance providers. Regulatory Group which is part  of TheCityUK. 52 UK Excellence in Islamic Finance

London Stock Exchange

London Stock Exchange is one of the world’s leading listing venues for Sharia compliant finance. An increasing number of issuers of Islamic financial instruments have chosen the London markets to access the most international pool of capital in the world. There are now 49 Sharia compliant bonds – or Sukuk – listed on our markets, which have raised a total of US$34 billion.

Aside from Sukuk, London Stock AIM is London Stock Exchange’s There is huge potential for further Exchange lists seven Sharia compliant market for small and medium-sized development in what is certainly  Exchange Traded Funds (ETFs) and companies who are looking to grow one of the global financial system’s two Exchange Traded Products in a balanced regulatory environment. fastest growing segments – and (ETPs), while the shares of four Islamic The Professional Securities Market London is uniquely placed to share  institutions have been quoted on AIM: provides an alternative solution for in that growth. Islamic Bank of Britain plc, European those issuers seeking to list debt Islamic Investment Bank plc, securities and depositary receipts  Contacts The Family Shariah Fund Ltd. and in London without having to re-state www.londonstockexchange.com Shariah Capital Inc. their financial information to IFRS or follow the additional requirements  Gillian Walmsley, Head of Fixed We offer issuers the opportunity  of an offering to retail investors. Income, London Stock Exchange to list Islamic securities alongside Alongside this is the EU-regulated conventional non-Islamic products, E: [email protected] Specialist Fund Market for highly providing international liquidity T: +44 (0)20 7797 3679 specialised investment entities that through the depth and breadth of  wish to target institutional and our markets. Our principles-based professional investors. approach to regulation and the wide range of expertise offered by London- London Stock Exchange has played  based professionals are also among a leading role in establishing London the key advantages of London as as Islamic finance’s international a global financial centre. gateway. In 2009, for example, when GE Capital became the first major London Stock Exchange offers a US corporate issuer to launch a Sharia choice of markets to best suit issuers’ compliant instrument, it chose needs, while maintaining appropriate a London Stock Exchange listing. levels of investor protection. The  And in the last two years alone Main Market is home to some of the we have listed US$24 billion of Sukuk, world’s largest and most successful providing a choice of two routes companies, with a listing allowing firms to market in the Main Market and to sit alongside their global peers. Professional Securities Market. UK Excellence in Islamic Finance  53

PwC LLP

PwC LLP is a truly global organisation with member firm offices in 771 cities in 158 countries. With a combined head count of more than 169,000 people, PwC firms rank amongst the world’s leading employers of highly skilled, professional people. We have an award winning Islamic advisory practice PwC has recently won the ‘Best Islamic Consultancy’ award in the Islamic Finance News Awards Poll.

Our dedicated Islamic finance practice The PwC GIFT has been extensively Illustrative high value projects that we is concentrated in the Middle East, involved in the Islamic finance sector have undertaken for Islamic financial Malaysia and the UK. Our clients since the 1980s and has deep institutions include: include governments, central banks, knowledge of the industry. Our ——Development and review of strategy local, regional and international banks, experience covers the full spectrum  and business plans Takaful (Islamic insurance) operators, of Islamic finance challenges, from real estate investment trusts, mutual addressing Sharia compliance,  ——Feasibility studies funds and major regulators in the to restructuring Sukuk issues, to ——Debt restructuring Middle East region, Malaysia, addressing the unique specificities  Singapore and Hong Kong, the of Islamic institution audits, tax  ——Private placement memoranda Channel Islands, Luxembourg, and consulting work. ——Setting up Islamic financial Denmark, Switzerland, the UK, United Globally, PwC Partners contribute to institutions including banks States of America, Albania, Pakistan, leading Islamic finance publications, India, Turkey, Malaysia, Morocco  ——Islamic private equity transactions and thought leadership initiatives. and Indonesia. They are regularly invited to share ——Design of operating models Our dedicated Global Islamic Finance their specialised knowledge in ——Organisation design and Team (GIFT) brings extensive conferences, workshops, and comprehensive HR support experience in dealing with the most discussion forums. relevant and pressing issues in this ——Core banking systems selection increasingly important facet of modern global banking and financial Contacts services. Our globally connected www.pwc.co.uk multi-disciplinary team can help you find the right answers whether you  Mohammad Khan  are a standalone Islamic entity or a E: [email protected]  conventional institution. We can offer T: +44 (0)20 7213 1945 advisory, structuring, due diligence, Ashruff Jamall  audit and accounting services. E: [email protected] T: +971 4 304 3105 Mohammed Faiz Azmi  E: [email protected] 54 UK Excellence in Islamic Finance

Simply Sharia

Simply Sharia Ltd was founded in 2009 with a vision to help people achieve their financial goals and aspirations in a way which did not compromise their faith and values; and to support the growth of the Islamic finance industry through nurturing and connecting talent to service the sector.

To those ends, Simply Sharia has ——Wills & Inheritance Tax Planning: ——Recruitment: Offering a high established itself as a key and dynamic Advice on having a legally binding calibre search and selection service UK based player in the industry, Will which facilitates distribution to employers and candidates for providing services in two distinct areas according to Sharia law and is tax roles related to Islamic finance, – Wealth Management and Training & efficient is a core service we offer. along with careers coaching, Recruitment. The company is Furthermore, we look at mentoring and intern opportunities. committed to providing innovative, opportunities for lifetime planning  The Simply Sharia team consists of pioneering solutions that are sincere to to mitigate Inheritance Tax. highly qualified advisors from blue- the letter and spirit of Islamic principles Simply Sharia Human chip corporate backgrounds, and are underpinned by world class Capital (SSHC) knowledgeable marketers, Sharia standards of service and quality. Providing Islamic finance training, scholars and experienced industry Simply Sharia Wealth education and recruitment to global professionals. Simply Sharia Limited  Management (SSWM) financial institutions, educational is a member of the UK Islamic Finance The UK’s only national firm of bodies and professionals wanting  Secretariat (UKIFS). Independent Financial Advisers to enter the industry. Committed  regulated by the FCA and solely to the development and growth  Contacts dedicated to providing Sharia of the IF industry, we offer the www.simplysharia.com compliant financial planning solutions following services: to both individuals and businesses. T: +44 (0)20 8945 3786 ——The Islamic Finance Qualification Our services include: (IFQ): An accredited and leading Faizal Karbani, CEO  ——Sharia Compliant Savings & training provider with the Chartered E: [email protected] Investments: We endeavour to Institute for Securities and Nyra Mahmood, Director  have the best possible range of good Investments (CISI), we have E: [email protected] quality Sharia compliant investments successfully delivered the globally- available from around the globe and recognised foundation course to are able to offer well diversified banks and financial institutions in balanced portfolios in a variety of tax the Middle East and Europe; wrappers such as ISA’s and pensions; ——Bespoke Islamic Finance ——Sharia Compliant Pensions: Programmes: Tailored to meet We can advise on and arrange client aims and rooted in commercial Sharia compliant pensions for realism, the bespoke programmes individuals and businesses wanting are relevant and results-driven. We to set up pension schemes for  deliver material rich in practical their employees; examples through seminars, short courses, webinars and workshops; Business Profiles Legal

“We have the largest legal services market in Europe and as part of this over 25 law firms with offices in the UK are supplying legal services relating to Islamic finance.” 56 UK Excellence in Islamic Finance

Allen & Overy

Allen & Overy is at the forefront of the Islamic finance market, and has been involved in many of the most high profile deals in the market to date.

Our long-standing commitment to  The Group also plays an active role  Allen & Overy has the only Islamic the Middle East region (30+ years), in shaping the future of the industry, finance offering to be ranked top-tier coupled with specialists based in through documentation projects such across each region where we operate Europe and Asia, means that we can as assisting in the development of the (Europe, Middle East and Asia Pacific). service Islamic transactions on a truly ISDA/IIFM Sharia compliant master We received 12 accolades at the 2012 global basis regardless of where derivatives agreement. Islamic Finance News Awards clients are based or the nature of the ceremony outperforming all our Earlier this year, the team advised specialist advice required. competitors and took home eight  Saudi Electricity Company (SEC) on IFLR Middle East Awards in 2012. Our Our team has been involved in a its first Sukuk offered to international lawyers are consistently ranked as number of ‘market firsts’ including investors in accordance with Rule experts in their field in the leading (but not limited to): 144A. The deal, worth US$2 billion, legal directories, Chambers & Partners was the largest Rule 144A Sukuk out  ——The first Sukuk issue to be offered (including the inaugural The of the Middle East to date and was globally; Chambers 100) and Legal 500. oversubscribed by more than  In addition, Islamic Finance News ——The first international Sukuk 6.5 times. It achieved many firsts, recognised 12 Allen & Overy lawyers  programme; including the first dual series Sukuk as ‘the world’s leading Islamic finance issued under Rule 144A out of the ——Some of the most innovative  lawyers’, more than any other law firm Middle East and the first 30 year Sharia compliant OTC derivatives in 2012. senior unsecured Sukuk. transactions and Sharia compliant structured products. The global team also advised the Contacts mandated lead arrangers on one  Our Global Islamic Finance Group www.allenovery.com of the largest general syndicated advises across the full spectrum of  Islamic facilities to date, the Atif Hanif, Head of European Islamic the key products including general SAR10 billion (US$2.7 billion) financing finance practice banking, project finance, real estate, for Etihad Etisalat Company E: [email protected] Sukuk, derivatives and structured (Mobily), and the Islamic financiers T: +44 (0)20 3088 3970 finance and securitisations. on the US$2.8 billion project financing Roger Wedderburn-Day The global team has a detailed for the construction of the Qurayyah E: roger.wedderburn-day understanding of the religious and Independent Power Project, the @allenovery.com legal background to Islamic finance, largest IPP by capacity (3927MW)  T: +44 (0)20 3088 2823 the evolving financing techniques  in the Middle East to date. and range of services offered in  the Islamic finance market and the issues affecting the development  of Islamic finance. UK Excellence in Islamic Finance  57

Ashurst LLP

Ashurst has one of the leading Islamic finance practices. Our lawyers regularly advise banks, arrangers, lead managers and investors on some of the most significant Islamic financing transactions in the market.

Our team consists of Islamic finance Our leading market position is Contacts lawyers qualified under English, reflected by our strong market www.ashurst.com German, French, Saudi Arabian, UAE, recognition, which includes: Abradat Kamalpour, Partner Indian and other law and is based in ——Expert Guides ‘Best of the Best’ Head of Emerging Markets and Islamic London, Jeddah, Dubai, Abu Dhabi, nominated as an outstanding Finance SDG, Ashurst LLP Hong Kong, Indonesia, and Australia practitioner in Islamic Finance, 2013; E: [email protected] from where we cover our clients’ T: +44 (0)20 7859 1578 Islamic finance needs in Europe, the ——Expert Guides ‘Guide to the World’s Middle East and Asia-Pacific. Leading Banking, Finance and Transactional Lawyers’ one of the The practice is fully integrated with outstanding practitioners in Islamic our loans and structured finance Finance, 2013; practices as well as our general corporate practice making it one  ——Shortlisted for UAE Deal of the Year of the most well-founded multi- by Islamic Finance News, 2011; disciplined Islamic finance teams in  ——‘Highly Commended’ in Financial the legal industry. The team advises  Services at the FT Innovative in relation to the full range of Sharia Lawyer Awards, 2010; compliant products including: ——A ‘standout’ firm in Islamic Finance ——Sukuk by the FT in its Innovative Lawyer ——Structured products including report, 2009; securitisation ——Nominated and named as leading ——Murabaha lawyers by Islamic Finance News, 2012. ——Musharaka and Mudaraba Ashurst is a leading international law ——Sharia compliant funds firm with offices in 14 countries as well ——Sharia compliant project finance as associated offices in Jakarta and transactions Jeddah, and a best-friend referral relationship with an Indian law firm. “London is the true capital of With over 400 partners and 1,700 innovation for cutting edge Islamic lawyers in total, we offer the financing technology. We are at the international insight of a global forefront of developing the latest network combined with local market structures in this field of finance.” knowledge. We advise the world’s says Abradat Kamalpour, Head of the leading companies, financial Emerging Markets and Islamic Finance institutions and governments. Desk, SDG at Ashurst. 58 UK Excellence in Islamic Finance

Clifford Chance

Clifford Chance advises on the most complex and ground- breaking Islamic finance deals throughout the world.

Clifford Chance has for many years Dedicated Islamic finance teams Contacts been involved in Islamic financing in key Islamic Finance Centres. www.cliffordchance.com techniques and Islamic product From Europe to the Americas, Asia, Habib Motani development. As the Islamic financing Australasia, Middle East and Africa – Partner, Banking & Finance market has expanded and become from our hubs in London, the Middle E: [email protected]  more sophisticated in recent years, East and Asia, our dedicated Islamic T: +44 (0)20 7006 1718 Clifford Chance’s involvement and Finance Teams offer far-reaching expertise in this field has increased. execution capability. Leonard Cleland Partner, Banking & Finance We are able to draw on our substantial Leading the market means E: [email protected]  experience of Islamic financing ranging we deliver best practice T: +44 (0)20 7006 2070 from preparation of standard form Clients turn to us for our experience documentation such as Murabaha and know-how. Many of the world’s William Glaister  and Mudaraba arrangements to most complex and ground-breaking Partner, Banking & Finance documenting complex structured Islamic finance transactions have E: [email protected]  financings including Islamic tranches been led by our teams. Over the many T: +44 (0)20 7006 4775 of project financings, Islamic funds years that we have specialised in Qudeer Latif (including infrastructure funds and Islamic finance, we have developed Global Head of Islamic Finance principal protected funds), structured the ability to share best practices  E: [email protected] ijara transactions, Islamic derivatives, and efficiencies with our clients. T: +971 4 362 0675 acquisition finance and new Furthermore, we are active in a investment products. number of market leading industry associations; e.g. AAOIFI, IIFM  We devise and deliver Islamic financing and ISDA. solutions specific to the needs of  our clients and which offer Islamic We are represented on the  investors the opportunity to invest HK FSA Committee on Islamic in accordance with the principles and Finance, the Auditing and Accounting values of Islam. We advise on a very Organisation for Islamic Financial wide range of Islamic financial services Institutions and are a member of the and products including: Working Group on Development of Islamic Finance in Hong Kong. ——Capital markets ——Project and infrastructure finance Market recognition of our outstanding practice has included numerous ——Acquisition and leveraged finance awards, such as the Euromoney ——Private equity and real estate funds Islamic Finance Award for Best Islamic ——Financial regulation Finance Legal Advisory Firm, which ——Structured products and derivatives we won in 2008, 2009, 2011 and 2012. ——Real estate finance We are the only law firm to have won this award more than once. ——Tax UK Excellence in Islamic Finance  59

Dentons

Dentons is the new global law firm created by Salans, FMC and SNR Denton and through its legacy firms, Dentons has one of the largest and oldest Islamic finance practices of any law firm. Our global Islamic finance practice comprises partners located in our London and international offices, including the Middle East.

Dentons works closely with its clients We have advised on a wide variety of Contacts to understand their point of view, Islamic finance transactions that have www.dentons.com goals and challenges. Renowned as received various awards, including: Paul Holland global authorities, our lawyers and ——Most Innovative Deal of the Year – Head of Banking & Finance  professionals help clients successfully Brewery Square Development  E: [email protected] navigate the world of Islamic finance. £14 million tawarruq financing T: +44 (0)20 7246 7220 With access to leading scholars and agreement.  regulatory bodies and extensive Richard de Belder, Partner  Islamic Finance News Awards 2011 experience developing new structures E: [email protected] and products, we ensure smooth, ——Most Innovative Deal of the Year – T: +44 (0)20 7246 7326 successful transactions. This detailed Abu Dhabi Islamic Bank Matthew Sapte, Partner, London knowledge is critical when it comes to AED250 million (US$68.06 million) E: [email protected] crafting Sharia compliant solutions syndication for Emirates National T: +44 (0)20 7246 7629 and differentiates us from many  Factory for Plastic Industries.  new entrants. Islamic Finance News Awards 2011 Paul Jarvis, Partner, Abu Dhabi E: [email protected] Our Islamic Finance Team offers a ——UAE Deal of the Year – Emirates T: +971 2 612 9421 seamless global service throughout Steel US$1.1 billion project financing. our office network in London, the Islamic Finance News Awards 2010 Qasim Aslam, Partner, Dubai Middle East and beyond. We work  and Project Finance Magazine E: [email protected] with our clients from engagement  Awards 2010 T: +971 4 405 4313 to completion in areas like: ——Most Innovative Deal of the Year – ——Syndicated financing Government of Ras Al Khaimah ——Sharia compliant funds US$400 million Sukuk.  Islamic Finance News Awards 2010 ——Structured investment products ——Islamic project finance ——Trade finance ——Real estate finance ——Capital markets ——Asset finance ——Aviation finance ——Tax and regulatory issues relating  to Islamic finance products, transactions and institutions ——Takaful 60 UK Excellence in Islamic Finance

Freshfields Bruckhaus Deringer LLP

Freshfields Bruckhaus Deringer is a leading international law firm with over 2,500 lawyers, located across 28 offices in 16 countries across the world. Islamic finance is a core part of our global offering and we advise a wide range of high-profile clients, from regional and state government entities to financial institutions and corporations.

Our lawyers have a proven record in Our extensive understanding of Sharia Key to helping our clients achieve their Islamic finance and are rated highly for principles and the evolving techniques, commercial objectives through Islamic their understanding of Islamic finance structures and services offered in the finance is that we take a hand-on principles and their commercial field means we know how to develop approach for Sharia observance and application. They have won numerous and co-ordinate innovative and in the process of the Fatwa issuance Islamic finance awards across practice successful Islamic products. For (the religious opinion) and our strong groups including Asset and Fund example, we have applied traditional relationships with the leading Sharia Management, Banking and Capital Islamic finance techniques to asset scholars in the market such as  Markets, Corporate and Commercial, and project financings and we are Dr Mohamed Elgari, Dr Hussain Energy and Natural Resources, experienced in converting Hamed Hassan and Sheikh Nizam Merger and Acquisitions, Private conventional debt transactions into Al-Yacoubi and the Sharia Supervisory Equity, Project and Infrastructure Sharia compliant structures and in Committees of many financial Finance and Takaful and Re-Takaful. co-ordinating Islamic and conventional institutions is invaluable. These tranches of financing. relationships have also meant that  We regularly advise clients on Sharia we have been able to assist clients compliant structures in a variety of We have also led many exciting in setting up their Sharia Supervisory product groups such as Sukuk (Islamic “first-of-their-kind” Sharia complaint Committees. bonds), corporate facilities, project financings and products, including for financing, leveraged and acquisition example innovative Sharia compliant Clients come to us for Islamic finance financing, asset financing, real estate short selling structures, the short assistance when they need a law firm financing, funds and derivatives term Sukuk programme for the who will offer pragmatic advice and utilising structures such as: International Liquidity Management business focused judgement and Corporation to be used as a liquidity when they need help on something of ——Murabaha (cost plus financing); tool for Islamic financial institutions real importance to them – big or small. ——Musharaka (partnership); and Sharia compliant repurchase That’s a great responsibility and one ——Mudaraba (silent partnership); documentation. we take seriously. ——Ijara (lease); ——Istisna (pre-manufacturing, Contacts commissioned sale); www.freshfields.com ——Salam (forward sale); Tarek El-Assra ——Wakala (agency); Global Head of Islamic Finance  ——Arbun (down payment); and E: [email protected] ——Wa’d (unbilateral binding promise). T: +44 (0)7515 085 505 T: +971 (0)4 5099 251 UK Excellence in Islamic Finance  61

Hogan Lovells

Hogan Lovells is a global legal practice that helps corporations, financial institutions, and governmental entities across the spectrum of their critical business and legal issues globally and locally. With over 2,500 lawyers operating out of more than 40 offices worldwide, Hogan Lovells has finance lawyers positioned in most of the world’s major financial hubs.

With an exceptional track record However, robust demand has led During the past five years, we have advising on innovative lending to new challenges for the Islamic advised on more than 200 Islamic transactions, bank products, credit finance industry, including many new finance transactions with an products, Sharia-compliant legal and regulatory considerations. aggregate deal value in excess investment funds, deal structures, Hogan Lovells’ team has met of US$40 billion. issues, alternatives and all types of those challenges through a deep Hogan Lovells’ depth of experience, secured transactions, Hogan Lovells appreciation of the standards that extensive global reach and knowledge has unrivalled specialist expertise in a Sharia-compliant financing or of the Islamic banking sector Islamic finance. Hogan Lovells’ Islamic investment must achieve to attain distinguishes us from our competitors finance team provides clients around its ethical status. Indeed, many and inspires the loyalty and the world with transactional support eminent Sharia scholars commonly satisfaction of our clients and from our offices in London, Dubai, recommend us to financial institutions colleagues. Frankfurt, Hong Kong, Jeddah, that approach them for advice. Many New York, Paris, Riyadh, Singapore of our template documents are now and Tokyo. market standard. Contacts www.hoganlovells.com Islamic finance is, above all else, Hogan Lovells’ lawyers have been at ethically driven. It is also one of the the forefront of virtually every major Rahail Ali,  world’s fastest growing financial development in the Islamic finance Global Head of Islamic Finance sectors. By 2015, Islamic finance is sector, setting standards for the E: [email protected] projected to be worth US$2.8 trillion industry and acting on many first-of- T: +971 (0) 4 377 9300 according to the Islamic Development their-kind transactions, for example: Austen Hall, Partner Bank. Burgeoning consumer demand ——The first convertible Sukuk; E: [email protected] has been met by increased supply as T: +44 (0)20 7296 2731 the number of Islamic banks and ——The first equity-linked Sukuk; financial institutions with Islamic ——The first Sharia-compliant finance divisions continues to rise. securitisation; ——The first international Sukuk al- mudaraba and Sukuk al-musharaka; ——The first Sukuk buy-back; and ——The first Multilateral Investment Guarantee Agency (MIGA) guaranteed Islamic project financing. 62 UK Excellence in Islamic Finance

King & Spalding

King & Spalding is a leader in Islamic finance and investment. Our work in the Middle East and our experience in Islamic finance dates back to the early 1980s. In 1995, we were the first law firm to establish a dedicated Islamic finance and investment practice group. Our award-winning group has been successful in developing the legal architecture needed by our clients to break new ground in this specialised field.

We are a law firm with recognised ——Property Acquisitions – Advisors ——Project Finance – Advisors to experience and the depth to structure to funds and investors in the financial institutions and funds on and implement sophisticated Sharia- acquisition, financing and Sharia-compliant project financings compliant transactions in the Middle development of properties in the in the Middle East, including East, Europe, the United States and United States, the United Kingdom, petrochemical, power, desalination, Asia. Our offices in these jurisdictions the United Arab Emirates, Saudi residential housing and shopping are staffed with an integrated group of Arabia, France, Poland, Germany, mall projects; 30 professionals dedicated to Islamic Holland, Hungary, Slovenia, ——Bankruptcy and Reorganisation finance, supported by an international Portugal, Sweden, Luxembourg, – Counsel to Islamic financial law firm with more than 800 lawyers Russia and the Czech Republic; institutions on the restructuring located in 17 offices. ——Private Equity Acquisitions of Sharia-compliant investments Our clients include Islamic and – Acquisition and finance counsel in the United States, Europe and conventional financial institutions, on substantially all the Sharia- the Middle East; merchant and investment banks, compliant leveraged private equity ——Equities Funds – Counsel on the venture capital and private equity acquisitions (more than 25) formation of one of the first Sharia- funds, fund sponsors and family undertaken in the United States, compliant India equities funds. investment companies. We work and acquisitions made in the UK, closely with the leading Sharia Denmark, France, Germany, scholars to develop innovative the United Arab Emirates and Contacts investment and financing structures Saudi Arabia; www.kslaw.com that are practical and efficient. ——Sukuk – Members of the team have Isam Salah Practice Highlights: advised on a number of landmark Practice Group Leader, New York ——Property Funds – Advisors Sukuk transactions, including the E: [email protected] to sponsors of more than 50  first sovereign Sukuk to be listed T (New York): +1 (0)212 556 2140 Sharia-compliant property funds on the London Stock Exchange; T (Dubai): +971 (0) 4 377 9903 valued at approximately US$10 ——Innovative Financing Transactions Jawad I. Ali billion, including the world’s largest – Counsel on a number of “first Deputy Practice Group Leader Sharia-compliant, open-ended time” Sharia-compliant financing E: [email protected]  property fund; structures, including mortgage T (Dubai): +971 (0) 4 377 9904 ——Private Equity Funds – Advisors financing, mezzanine financing, T (London): +44 (0)20 7551 7535 to sponsors of private equity funds corporate acquisition financing Michael Rainey valued in excess of US$6 billion and working-capital financing Partner, London domiciled in Saudi Arabia, Bahrain, structures; E: [email protected] the United Arab Emirates, the T: +44 (0)20 7551 7591 Cayman Islands, Luxembourg, Jersey and other offshore jurisdictions for equity investments in Europe, the Middle East, Asia and the United States; UK Excellence in Islamic Finance  63

Linklaters

Linklaters is a premier global law firm and a member of the ‘Magic Circle’ of leading UK law firms with an award-winning Islamic finance practice.

We offer innovative, market-leading The depth of knowledge within our Contacts advice to corporates, financial global Islamic finance network allows www.linklaters.com institutions, export credit agencies, us to provide our clients with Global Head of Islamic Finance investment banks and governments responsive, innovative advice and Neil D Miller  on Sharia compliant banking facilities, solutions across the full spectrum Dubai Sukuk, structured products, project of Islamic finance products. Some E: [email protected] financing and derivatives. A key examples of our innovative work in T: +971 (0)4 369 5815 strength of our unique Islamic finance capital markets, project finance and practice is the ability to offer teams banking includes the first public Tier Middle East which combine technical and Sharia One Sharia and Basel III compliant Richard O’Callaghan,  expertise in conventional and Islamic Sukuk, sophisticated multi-sourced Partner Capital Markets, Dubai finance transactions with an in-depth greenfield project finance deals and E: [email protected] understanding of the principles of numerous Sharia compliant banking T: +971 (0)4 369 5841 Islamic finance and Sharia law. and restructuring matters. Sarosh Mewawalla,  Our Islamic Finance Team, headed During the course of acting on Managing Partner Projects, Dubai by experienced practitioner Neil Miller, previous and current transactions, E: [email protected] benefits from being able to draw we have developed close relationships T: +971 (0)4 369 5843 on the expertise of lawyers across our with the leading Sharia scholars most London global network who have advised on commonly advising on Islamic finance James Martin, Partner Banking a range of Islamic finance transactions transactions. We also maintain close E: [email protected] in jurisdictions throughout Europe, relationships with local law firms and T: +44 (0)20 7456 4430 the Middle East and Asia. with Islamic financial institutions around the world, which ensures that Bilal Khan, Shariah Scholar Our Islamic Finance Team also we are best placed to meet the varied (not admitted to practice) includes Islamic scholar Sheikh Bilal needs of our clients for Islamic finance E: [email protected] Khan who supports our ability to offer work wherever it may be required. T: +44 (0)20 7456 3668 legal and structuring advice that is sensitive to Sharia concerns, meaning Asia we can pro-actively address issues Kevin Wong, Managing Partner before they arise and quickly resolve Capital Markets, Singapore them when they do. E: [email protected] T: +65 (0)6 692 5733 James McLaren, Partner Projects, Hong Kong E: [email protected] T: +852 (0)2842 4106 64 UK Excellence in Islamic Finance

Norton Rose Fulbright

For over 30 years Norton Rose Fulbright has been involved in documenting and advising on a wide variety of Sharia compliant financings arranged for the benefit of Islamic finance institutions, conventional banks, major corporates and sovereign states.

Our regional practice heads in We play an active role in the shaping  Awards and Accolades London, Dubai and Hong Kong of global Islamic finance legislation Euromoney Islamic Finance Awards provide an integrated approach and products, providing regular advice 2013: unique in the industry, and our global to national governments including  ——Best Legal Advisory Firm offering extends across Europe, the the UK, Canada and Australia on the United States, Canada, Latin America, introduction and implementation ——Best Islamic Project Finance Deal: Asia, Australia, Africa, the Middle East of local policy. Madinah Airport Expansion PPP and Central Asia. We have also provided legal advice  ——Best Islamic Finance Real Estate In our capacity as legal advisers we to all the Islamic financial institutions Deal: Kings Reach Tower have represented many financial that have received FSA authorisation Islamic Finance News Awards 2013: institutions (both Islamic and in the UK, including advice regarding conventional) actively involved in  their establishment as well as product ——Best Cross-border Law Firm the structuring of Islamic financial development, transaction execution ——Best Law Firm:  transactions. Our technical and and regulatory requirements. Corporate & Commercial Law commercial experience and an Our Global Islamic Finance Team unrivalled track record on the most ——Best Law Firm: Takaful & re-Takaful comprises more than 60 lawyers, complex and innovative deals in  delivering advice in our key industry ——Best Law Firm: Energy & Natural the field separate us from all  sectors: financial institutions;  Resources our competitors. energy; infrastructure, mining and ——Structured Finance Deal of the Year: We have been at the forefront of commodities; transport; technology Brunei Gas Carrier Financing developments in the Islamic finance and innovation; and life sciences  market for many years and have and healthcare. International Takaful Summit 2013: recently advised on the first Sharia Our London, Bahrain, Dubai, Abu ——Takaful law firm of the year (we have compliant insurance and reinsurance Dhabi, Hong Kong and Singapore won this award every year it has underwriting agency in the UK offices are particularly well located been given, since 2008) (Cobalt); the first Islamic ‘covered geographically for Islamic finance bond’ structure (Gatehouse Bank); the related work and each has extensive first full PPP in Saudi Arabia (Madinah Contacts experience in this area. Our clients’ Airport); the first non-Ijarah Sukuk to www.nortonrosefulbright.com activities in Europe are also growing be issued in Turkey (Türkiye Finans); and our offices in Paris, Frankfurt, Farmida Bi, Partner,  and the first UK Sukuk (International Munich and Milan are becoming  European Head of Islamic finance Innovative Technologies Limited). more involved in our Islamic  E: [email protected] finance practice. T: +44 (0)20 7444 5842 UK Excellence in Islamic Finance  65

SGH Martineau LLP

SGH Martineau LLP is an international law firm which strives to make a positive difference to our clients.

In a changing world we acknowledge to UK and overseas companies Sultan Choudhury, Managing the importance of the role Islamic structured by way of murabaha, Director of the Islamic Bank of finance plays in the global economic mudaraba or wakala. Murabaha Britain says “SGH Martineau LLP landscape. transactions have been used in some and the Islamic Bank of Britain plc cases to provide cash and in others to work very closely as a team to execute We act for a number of Islamic banks, provide stocking finance. The wakala and structure all of our commercial corporates and investment houses has been used to finance specific and residential real estate finance to whom we offer advice on Islamic orders for customers, funding both transactions for both UK and finance transactions across a number the acquisition of stock and the international customers. of practice areas, including capital receivables from the sale of the SGH Martineau LLP has invested markets, project finance, banking, finished goods. We have worked in specialist Islamic finance expertise derivatives and structured finance, extensively on financing different and resource in order to support our funds and taxation. types of capital equipment by way objectives of developing Islamic One of the key strengths of our Islamic of ijara. finance in the UK and increasingly finance practice is our ability to to meet the needs of our international A recent development has been combine our technical knowledge investor clients looking to structure advice, both financial and regulatory, of UK law in conventional and Islamic deals in a Sharia compliant manner”. on the relationship between UK finance transactions with our in-depth Islamic Banks and their parents, understanding of the principles of including by the syndication and Contacts: Sharia acquired through our close sub participation of UK originated www.sghmartineau.com relationships with Sharia scholars and transactions by way of wakala supervisory committees. Mohammed Saqub, Head of Islamic or limited recourse murabaha. Finance (Real Estate) Our international experience and We have also been involved in the E: [email protected] alliance network with local firms establishment of a Sukuk structure T: +44 (0)800 763 1447 across the globe including the Middle for banks and investors to use East helps us to offer a seamless and UK originated transactions as the Nick Sanderson, Partner  coordinated legal service across the underlying assets for a series Banking and Finance Muslim world and means we are able of Sukuk issues. E: [email protected]  to truly understand the aspirations T: +44 (0)20 7264 4373 On a national level we have also been of our clients in the context of local involved in assisting government requirements. agencies to adapt to the requirements We have significant experience in the of Islamic property transactions such provision of working capital finance as diminishing musharakah. 66 UK Excellence in Islamic Finance

Simmons & Simmons

Excellence and leadership in Islamic finance Simmons & Simmons has an award-winning international Islamic finance team with recognised expertise in a broad range of practice areas. We advise conventional and Sharia-compliant financial institutions, fund managers, financial advisors, corporates and governments globally on all aspects of Islamic finance.

Understanding Sharia principles Thought leadership Contacts: With a deep understanding of Sharia In recognition of the nascent state www.simmons-simmons.com principles and close relationships with of the industry, we frequently offer Muneer Khan, Partner,  many of the world’s leading Sharia bespoke training courses to our Head of Islamic Finance scholars, our team offers a leading clients. We also regularly hold E: [email protected] capability in advanced Islamic product seminars and publish briefings for T (UK): +44 (0)20 7628 2020 development and transaction our clients and speak at international T (UAE): +971 (0) 4 709 6699 management. conferences on the latest developments in the industry. Broad range of services We have expertise in the full range In recognition of our Islamic finance of modern and traditional Islamic expertise, we have won a number financing arrangements, such of awards, including: as Sukuk, W’ad, Murabaha, Ijara, ——Best Private Equity Firm – Islamic Mudaraba and Musharaka. We have Finance News Awards 2012 applied our skills in areas such as new Islamic finance institution ——Best law Firm, Asset & Fund establishment, product strategy, legal Management – Islamic Finance risk management, banking, project News Awards 2011 finance, asset finance, trade finance, ——Syndicated Deal of the Year derivatives, fund formation, insurance – Islamic Finance News Awards and regulatory reform. 2009 and 2011. Helping the industry grow “The versatile team is particularly Members of our team make a unique strong in Sharia compliance.”  contribution to the development of the Chambers Global 2012 Islamic finance industry. Our team includes members of HM Treasury’s “This team continues to ‘punch above Islamic Finance Tax Technical Working its weight,’ with clients full of praise for Group and former members of the the breadth of advice on offer. The UKTI Islamic Finance Sub-Committee team’s recent workload has included and the HM Treasury Islamic Finance advice on Sukuk matters, syndicated Experts Group. We are also a strategic Islamic finance facilities, structured partner in an international initiative Islamic finance programmes and to help to train and develop future Sharia compliant funds.” Sharia scholars. Chambers Global 2013 UK Excellence in Islamic Finance  67

Trowers & Hamlins LLP

Trowers & Hamlins LLP is an international law firm with its headquarters in the City of London. Its offices and representative offices in London, the Middle East and the ASEAN region have been dealing with Islamic finance transactions for over 15 years, advising clients such as banks with Islamic “windows”, Islamic financial institutions and investors in relation to Sharia compliant transactions and funding structures.

“Our clients are attracted by the We have acted on the purchases  Contacts flexibility of English law and Islamic of residential, office and industrial www.trowers.com structures can be accommodated properties and portfolios in London Nick Edmondes, Partner  relatively easily,” says Nicholas and elsewhere, taking advantage (London, Dubai and Malaysia) Edmondes, Co-Head of the Global of the favourable tax regime in the E: [email protected] Islamic Finance Team. United Kingdom. In Europe, we have T: + 44 (0)20 7423 8000 worked on transactions in Sweden  Trowers & Hamlins’ practice has and Germany where there has been  Neill Gibson, Partner (London)  grown with the ever increasing need a demand for logistic and industrial E: [email protected] for innovative structures for clients buildings. T: +44 (0)20 7423 8000 wishing to invest in the UK, Europe,  the GCC and elsewhere. In recent We have been at the forefront of Sarah Gooden, Partner (London) years, we have also responded to the developing the Islamic finance sector E: [email protected] demand from our Far Eastern clients in Oman as we advised the founders  T: + 44 (0)20 7423 8000 who are targeting the purchases of of Bank Nizwa SAOG, the first Islamic Salman Ahmed, Partner (Bahrain) prestigious office buildings in the  bank to be licensed there, on its highly E: [email protected] City of London as part of their overall successful initial public offering which T: + 973 17515 600 asset allocation. has taken place in accordance with Oman’s commercial companies law, Nick White, Partner (Malaysia) In the UK and Europe, our practice capital markets law and Central  E: [email protected] is predominantly focused on the real Bank regulations. T: + 603 2615 0185 estate sector. We have acted for a leading Middle Eastern financial We have also structured the first institution on the creation of its  corporate Sukuk issue in Oman and Sharia compliant UK and Jersey  in Jordan we have provided training funds and the subsequent acquisition to the Jordan Securities Commission of properties which were financed  on implementing its Sukuk legislation. on a structured Islamic basis  In Bahrain, we were retained by three using a combination of Islamic and Bahraini Islamic investment houses  conventional facilities. to act for them collectively on the first three-way merger and integration which was in line with the Central  Bank of Bahrain’s stated objective  of supporting banks weakened by  the global financial crisis. Get the support you need to succeed UK Excellence in Islamic Finance  69

To find out more about the wealth of opportunities in the UK and to get the support you need to succeed, please explore the contacts below.

UK Trade & Investment TheCityUK We provide constructive advice and With professional advisers both within At TheCityUK we work to promote a the practitioner voice on trade policy, the UK and across more than 100 globally competitive UK Financial & aspects of taxation, regulation, and international markets, UK Trade  related Professional Services sector, other legislative matters that affect & Investment is the UK Government building evidence to demonstrate  the competitiveness of the sector.  Department that helps UK-based the sector’s contribution to society We conduct extensive research and companies succeed in the global and sustainable economic growth.  run a national and international events economy and assists overseas We bring together Government  programme to inform the debate.  companies to bring their high quality and the sector, domestically and Our senior team regularly engages investment to the UK. internationally to engage on policy with regulators and policymakers at decisions. We work to open and  home and overseas, ensuring the Its role is to help companies realise grow markets, developing business sector’s views are represented at the their international business potential opportunities for our members,  highest levels. through knowledge transfer, and their customers and clients. ongoing partnership support. To support its aim to “enhance the We champion the international Contact competitiveness of companies in  competitiveness of the UK financial www.thecityuk.com the UK through overseas trade and services industry. Created in 2010,  investments; and attract a continuing we support the whole of the sector, high level of quality foreign direct promoting UK financial services at investment”, UK Trade & Investment home and overseas, playing an active offers services to UK businesses  role in the regulatory and trade policy that want to grow their business debate. We have a global export focus internationally and overseas with a commitment to help UK-based businesses that want to locate  firms grow their business in other in the UK. parts of the world.

Contact www.ukti.gov.uk 70 UK Excellence in Islamic Finance

The City of London Corporation ——Facilitating the growth of developing London & Partners The City of London is at the heart of areas of business, such as Islamic London & Partners is the official the UK-based international financial finance; promotional organisation for London. and related business services industry, It works on behalf of the Mayor  ——Assisting firms in the financial and and has an unparalleled depth and of London to promote the capital related business services sector to breadth of international markets globally as a leading destination  establish and grow their business  expertise. One of the core aims of  for business, students and visitors. in the City. the City of London Corporation is  London & Partners promotes London to enhance the City’s status and The City of London Corporation also as the first choice for any overseas effectiveness, and to maintain its works hard both domestically and business expanding into the UK or competitive position as a global centre internationally (particularly within  Europe – from start-ups to established for trade and sector development  the European Union) to engage  international companies. in both finance and business. with business and policy-makers on issues that have an impact on the It connects international businesses  The City of London Corporation works business environment, economic to London, helping them set-up, to support and promote the City, growth, new business areas and the succeed and grow. The service is encompassing all UK-based financial competitiveness of the UK’s business comprehensive, confidential and  and related business services, offer, and to facilitate dialogue fully funded. The team at London  in international markets by: between businesses, governments, & Partners open up direct access to ——Developing the City’s presence trade organisations, financial and expert and experienced professionals, overseas; regulatory institutions. We also who advise and guide overseas recognise that the City plays a critical companies through every aspect of ——Assisting in the organisation of role in supporting the prosperity of  locating and doing business in London. overseas activity undertaken by  the whole of London and the UK. the Lord Mayor and Policy Chairman London & Partners works with of the City of London; government and the business Contact community to provide access to the ——Attracting foreign investment into www.cityoflondon.gov.uk/business best people, places and opportunities the City; in the city. ——Facilitating inward visits by key overseas contacts; Contact ——Providing City practitioners with www.londonandpartners.com/ access to senior delegations and business government officials from around the world, through roundtable discussions, networking events,  and one-to-one meetings; UK Excellence in Islamic Finance  71

The British Bankers’ Association Our members have been amongst  The Law Society The BBA is the UK’s leading association the strongest players in the Islamic The Law Society of England & Wales  for the banking and financial services finance industry for several decades is the representative body for more sector, representing the interests of with a commitment to continued than 166,000 solicitors located in  more than 240 member organisations market innovation and development. 137 countries around the world.  based in London’s international With strong backgrounds in assisting The International Department of  financial centre and a worldwide Islamic institutional investors with the Law Society provides practical presence in 180 countries. financing, risk management and support, training, information and capital markets needs, they are advice to law firms and legal Our member banks make up the continuously active in developing professionals working abroad, or world’s largest international banking innovative Sharia compliant exploring international opportunities. cluster, contributing over £50 billion structures across all assets classes, It works to raise awareness of the  annually to UK economic growth. liabilities and derivatives providing  legal industry’s contribution to the We represent our members to the full spectrum of Islamic finance global marketplace and to promote policymakers, regulators, the media products and services. the expertise of its members across  and other key stakeholders across  all regions, sectors and practice areas. In support of the drive for continued the UK, Europe and beyond, working The experience of law firms in market development, the BBA is now together to promote a legislative facilitating Islamic finance transactions convening one of the most innovative and regulatory system that works is increasingly becoming an important and experienced advisory panels for our members and promotes asset to clients world wide. The comprised of specialized Islamic economic growth. International Department seeks to finance experts with cross product actively support this development. The BBA is an active member of the backgrounds. This world class panel European Banking Federation and will examine issues impacting Islamic the International Banking Federation, capital markets, UK and international Contact whose founding members, the regulatory frameworks and the www.international.lawsociety.org.uk banking associations of the US, partnering with key regional and Canada, EBF, Australia and Japan, international bodies and agencies. have now been joined by the banking associations from India, China, Contact South Africa, Russia, South Korea www.bba.org.uk/islamicfinance and Brazil as Associates. Our close work with all of them enables us to have much greater awareness of the direction and impact of global developments and the opportunities to influence them. ukti.gov.uk ukti.gov.uk

UKTI UK Trade & Investment is the UK Government Department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s dynamic economy acknowledged as Europe’s best place from which  to succeed in global business. To find out more,  Disclaimer scan this QR code  Whereas every effort has been made to ensure that the information in  with your smartphone this document is accurate, neither UK Trade & Investment nor its parent www.ukti.gov.uk Departments (The Department for Business, Innovation and Skills, and The Foreign and Commonwealth Office) accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned. © Crown Copyright 2013 You may re-use this information free of charge in any format or medium, strictly in accordance with the terms of the Open Government Licence.  To view this licence, visit:  www.nationalarchives.gov.uk/doc/open-government-licence or email: [email protected]. Where we have identified any third party copyright information in the material that you wish to use, you will need to obtain permission from  the copyright holder(s) concerned. Any enquiries regarding this material should be sent to us at  [email protected] or telephone +44 (0)20 7215 5000.  This document is also available on our website at www.ukti.gov.uk Production The paper in this document is made from 50 per cent recycled waste pulp with 50 per cent pulp from well-managed forests. This is a combination of Totally Chlorine Free and Elemental Chlorine Free. The inks are vegetable oil-based and contain resins from plants/trees and the laminate on the cover is sustainable, compostable and can be recycled. Published October 2013 by UK Trade & Investment URN 13/1161