Wed, Jul 29, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

MPs confirm UK commitment to Islamic finance at Norton Rose event, although no intention to launch a Government sukuk

Wednesday, January 27, 2010
Opalesque Industry Update - International legal practice Norton Rose LLP hosted its ‘New Year - New Opportunities in Islamic Finance’ seminar on Wednesday 20 January 2010 with keynote addresses from Sarah McCarthy-Fry MP, Exchequer Secretary to the Treasury and Mark Hoban MP, Shadow Financial Secretary to the Treasury.

In her opening talk Mrs McCarthy-Fry confirmed the Government’s support for Islamic finance, which has been evidenced by the tax law changes made through the Finance Act 2009. She did however state that there is currently no intention to launch a UK Government sukuk. In response to questions from the floor in this regard, Mrs McCarthy-Fry highlighted the current market conditions and the Government's concern that a UK Government sukuk would not offer value for money as amongst the reasons behind this decision.

Mr Hoban's speech marked the first public statement made on behalf of the Conservative Party regarding Islamic finance. In it he confirmed that the Conservative Party has supported the steps taken by the Government to create a level playing field for Islamic finance and that it would continue the same approach. He recognised the concerns raised by the audience in respect of a need for clearer criteria to enable the industry to address any government concerns in relation to a UK Government sukuk.

The Government's decision at the end of 2008 to postpone the issuance of UK Government sukuk consumed a large part of the discussion that followed these speeches, as did questions regarding the requisite framework necessary to facilitate such issuance. There was also discussion about standardisation in terms of regulation and documentation, and a comparative discussion of the operating framework employed by the Malaysian government to promote Islamic finance in the region.

A panel was chaired by Farmida Bi, Partner at Norton Rose LLP and comprised Mohammed Amin, Chair of the Muslim Council of Britain Business & Economics Committee; Nazmi Camalxaman, Manager of Global Markets at CIMB Islamic Bank; David Oakley, Capital Markets Correspondent for the Financial Times; Shaykh Haytham Tamim, Shariah Scholar and Founder of Utrujj Foundation and founder and director of Shariah Solutions Ltd (a consultancy firm in Islamic finance); and Neil D. Miller, Partner at Norton Rose (Middle East) LLP.

Over 125 delegates from the financial, legal and governmental sectors attended the event.

London Banking partner Farmida Bi said:

“It is extremely good news for the City of London that there is cross border support for the promotion of Islamic finance and that the helpful legislative changes that have been made will be continued irrespective of which party is in power.

“We would like to thank all the delegates who attended and contributed to the success of this event, and for all those who couldn’t attend we hope to see you at one of our events in the future”.

Norton Rose LLP is a constituent part of Norton Rose Group, a leading international legal practice offering a full business law service from offices across Europe, the Middle East and Asia Pacific. The firm has over 1800 lawyers operating from 30 offices in Abu Dhabi, Amsterdam, Athens, Bahrain, Bangkok, Beijing, Brisbane, Brussels, Canberra, Dubai, Frankfurt, Hong Kong, London, Melbourne, Milan, Moscow, Munich, Paris, Perth, Piraeus, Prague, Rome, Shanghai, Singapore, Sydney, Tokyo and Warsaw and from associate offices in Ho Chi Minh City, Jakarta and Riyadh. Norton Rose Group - Law Firm of the Year - The Lawyer Awards 2009.

www.nortonrose.com


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Bridgewater turns bearish on China[more]

    Komfie Manalo, Opalesque Asia: The world’s biggest hedge fund Bridgewater Associates and one of the most vocal of China’s potential is now turning its back against the world’s second largest economy as it joins a growing list of high-profile investors who are challenging China’s potentials.

  2. Launches - Ex-Brevan Howard star Rokos builds team for new fund, Former Och-Ziff manager’s firm starts health care hedge fund, Industry veterans launch commodity investment firm Aron Capital Management, Nikko Asset Management launches two UCITS funds, Capital Group plans to debut Asian investor targeted fund[more]

    Ex-Brevan Howard star Rokos builds team for new fund From WSJ.com: Chris Rokos, a former star trader at Brevan Howard Asset Management LLP, has hired an economist from Nomura to join the team he’s assembling for his much anticipated hedge fund launch. Mr. Rokos, whose firm is due to b

  3. Institutions - Pension fund dismisses Texas consultant, Rhode Island pension fund gets 2.2% investment return, far below assumed rate of 7.5%, New Jersey pension investments see a drop-off in returns[more]

    Pension fund dismisses Texas consultant From Sandiegouniontribute.com: The county retirement board on Thursday terminated the Texas consultant who was given the reins of the $10 billion pension fund, and whose investment picks left many employees and retirees feeling taken for a ride.

  4. SWFs - Sovereign wealth funds paid around $14 billion in fees[more]

    From SWFinstitute.org: When it comes to the financial sector, asset management is one of the most profitable industries in the world. The Boston Consulting Group put out a 2014 figure saying there is US$ 74 trillion worth of professionally-managed assets. One of the fastest growing institutional inv

  5. Investing - Carlyle teams with TCW in push for ordinary investors[more]

    From Bloomberg.com: Carlyle Group LP isn’t backing down from its goal of offering alternative strategies to the masses, despite early setbacks. The Washington-based firm is teaming up with TCW Group, which is majority owned by Carlyle funds, to offer three vehicles that give ordinary investors acces

 

banner