Sat, Oct 25, 2014
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   |   

Banner

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. Commodities - Oil wreaking havoc on small-cap energy stocks sliding 36%[more]

    From Bloomberg.com: Owning almost anything in the U.S. stock market has been a losing proposition since September. Owning smaller energy companies has been a catastrophe. Hercules Offshore Inc. and Resolute Energy Corp. are among 19 oil-and-gas equities in the Russell 2000 Index that lost more than

  2. Investing - Hedge funds favor equity long/short, Strategic bond managers hedge against further high yield sell-off[more]

    Hedge funds favor equity long/short From Securitieslendingtimes.com: Equity long/short strategies will generate good returns for hedge funds in the future, according to a panel at this year’s Risk Management Association Conference on Securities Lending in Naples, Florida. Panellists Sand

  3. Legal - Ex-hedge fund analyst weeps as judge hands down 5 year sentence, Former Columbus investment manager Steven P. Moore indicted on theft charges, SEBI confirms ban for Hong Kong hedge fund, SEC announces enforcement action against compliance officer[more]

    Ex-hedge fund analyst weeps as judge hands down 5 year sentence From Hereisthecity.com: An ex-hedge fund analyst was sentenced to 5 years in prison for his role in insider-trading scheme. The New York Post reports that former hedge fund analyst Matthew Teeple was sentenced Thursday to fiv

  4. Goldman in talks to acquire IndexIQ[more]

    From Bloomberg.com: Can Goldman Sachs put ETF investors on a liquid diet? Goldman is in talks to acquire IndexIQ, Reuters has reported. Index IQ is a small exchange-traded-fund firm known mostly for products that replicate hedge fund strategies, called "liquid alternative" ETFs. While IndexIQ has 11

  5. Other Voices: CALPERS dilemma should be a warning to hedge funds wanting institutional investors[more]

    From Ian Hamilton, founder of IDS Group. A quick comment on the CALPERS’ disinvestment from the hedge fund market and the jitters it is causing. Pension Funds should not be sheep and follow CALPERS’ decision as the issues that CALPERS has with hedge fund investments are in many ways unique t