Five UK specialists shared their perspectives on the impact of the global financial crisis on Islamic finance and highlighted the partnership opportunities between the GCC and UK during a roundtable discussion at the 15th World Islamic Banking Conference (WIBC) today.
Organised and hosted by UK Trade & Investment in the UK Pavilion, the speakers from the London Stock Exchange, HSBS Amanah Bahrain, North Rose LLP, Bank of London Middle East and KMPG discussed:
* If Islamic finance is immune from the credit crunch and whether GCC investors should still consider the UK a safe place to invest their funds;
* Whether the City of London and UK is in a unique position to move Islamic finance from the niche to the global mainstream market;
* What are the advantages are of setting up Islamic finance operations in the UK; and
* What role the UK can play in developing financial infrastructure in the Gulf.
The session was opened by British Ambassador to Bahrain Jamie Bowden who said:
"In the current economic climate global dialogue and discussion become increasingly important. The World Islamic Banking Conference provides an excellent opportunity to bring together specialists from the UK, one of the world leaders in Islamic Finance, Bahrain and the rest of the world to share experiences.
"I am certain this round table will not only tackle some challenging questions about the current financial crisis but will show potential paths for continued success on Islamic financial services."
The roundtable was part of a wider UK presence at WIBC that included a pavilion showcasing some of the best of what UK-based companies have to offer those looking for a global partner in Islamic finance.
UK Trade & Investment Chief Executive Andrew Cahn said:
"Islamic finance is becoming part of the mainstream international finance market and currently seems to be relatively unaffected by the global financial crisis. It's more important than ever that we demonstrate the UK's strengths and capabilities in this sector.
"There are still vast opportunities in Islamic finance - currently worth over £250 billion. It has an estimated annual growth of between 10% to 15% for the next few years.
"With a number of the UK's most prominent conventional banks long since offering Sharia'a compliant financial services, the UK is the leading western centre for Islamic finance and 8th globally. The UKTI panel discussion will help showcase why we hold this position."
Moderated by BBC World Middle East Business Report Nima Abu Wardeh, the speakers were:
* Darko Hajdukovic - London Stock Exchange International Product Manager
* Khalifa Al Harmasi Al Hajeri - HSBC Amanah Bahrain Head of Islamic Finance
* Neil Miller - Norton Rose LLP Global Head Islamic Finance
* Humphrey Percy - Bank of London and the Middle East CEO
* Darshan Bijur - KPMG Director Islamic Finance & Investments
Due its importance on the calendar of events in the Islamic finance world, the 15th World Islamic Banking Conference provides an excellent opportunity for UK and Islamic finance representatives to build strong partnerships that will create genuine, global opportunities for the long term development of this growing and increasingly important sector.
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