PR

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Contents

01 Welcome

03 Islamic fi nance establishes its credentials

05 Case study: Bank of London and the Middle East (BLME)

07 Quickening Islamic fi nance’s growth

08 Rising demand for UK Islamic fi nance qualifi cations

13 The UK creates Islamic fi nance’s international gateway

14 Case study: Chartered Institute of Management Accountants (CIMA)

15 Case study: Gatehouse Bank

16 Partnering to create a stronger Islamic fi nancial sector

18 PR contact information

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The World Islamic Banking Conference 01

UK Trade & Investment welcome

you to the UK pavilion at the 16th

Annual The World Islamic Banking

Conference 2009 in Bahrain.

We invite you to explore the partnership

opportunities available with UK representatives

from a diverse background in banking, professional

services, IT, advisory and education sectors, as

they showcase their expertise and strengths in the

provision of Islamic fi nancial products and services.

The articles presented here explore the adaptability

and robustness of UK companies to meet the

challenges presented in a post-fi nancial crisis world.

Furthermore they capture the strengths, capabilities

and the proven-track record of experience held

by UK Islamic fi nance experts, and their endeavour

to develop strong partnerships with other Islamic

fi nancial centres to make a positive contribution

towards the global growth of the industry.

It is our goal to move Islamic fi nancial services

to the mainstream global market and together

we invite you to partner with the UK to make this

journey a success.

Welcome

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03

The World Islamic Banking Conference

Traditional credit markets remain tight

following last year’s credit crisis, but

one consequence is that a number of

organisations are considering Islamic

fi nance for the fi rst time.

Islamic fi nance

establishes its credentials

For those whose activities are acceptable under Shariah law, Islamic fi nance looks likely to become one of an established range of funding alternatives. The number of sukuks in recent months – such as the Islamic Development Bank’s September US$850 million issue – has emphasised the market’s buoyancy despite diffi cult times. While Islamic fi nance did not go unscathed during 2008’s fi nancial crisis, it has emerged in a stronger competitive position than before. Conventional fi nancial markets can no longer provide the generous costs of fi nance and lending maturities that Islamic fi nance found so diffi cult to match. In addition, the Shariah standards that ruled out highly leveraged derivative products now appear particularly far sighted.

Nigel Denison, Head of Markets and Asset Management at Bank of London and the Middle East, which was set up in London in 2006, believes that Islamic fi nance’s new competitiveness is here to stay. The exceptional fi nancing terms previously offered by Western banks are unlikely to return, he says, as regulators insist they hold more capital against the business they do. The question now is whether Islamic fi nance’s

increasing acceptability will accelerate its growth rate. The 2008 crisis interrupted a period of strong expansion across the full range of products – from sukuk, to trade fi nance, to insurance and investment products.

Islamic fi nance was expanding at a rate of 10%-15% a year before the crisis, although some niches may have been growing much faster. In Saudi Arabia, for example, there has been rapid expansion.

International accountancy fi rm BDO published a study in October anticipating growth could be up to 20% over the next three years. More than half the Islamic fi nance executives surveyed expressed this view.

Some industry leaders are even more optimistic. Richard Thomas, Chief Executive of London-based Gatehouse Bank, anticipates that the market will soon reach a tipping point, after which it will see very rapid growth.

A catalyst for this could be the establishment of more robust legal structures for sukuks following a small number of defaults. Lawyers and other professionals are currently working to develop structures that will better protect investors’ rights in future.

“Before the fi nancial crisis the challenge for Islamic fi nance was to prove its legitimacy,” notes Thomas. “Now the challenge is to build up its capacity.”

“Since the end of last year, people have been looking at Islamic fi nance much harder,” says Farmida Bi, the London-based Partner with Norton Rose, the international law fi rm. “Blue chip corporate borrowers, banks,

governments, private equity funds all have fewer options going forward, making them examine the full range of alternatives.”

Image left

Bank of England, London, England.

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Image

Canary Wharf London, England.

“ This deal marks the fi rst time

that Ocado has used Islamic

fi nance and is BLME’s fi rst

retail fi nancing deal in the UK.”

Humphrey Percy

CEO of BLME

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CASE STUDY:

BANK OF LONDON AND THE MIDDLE EAST (BLME)

IN THE HEADLINES: JANUARY 2009

BANK OF LONDON AND

THE MIDDLE EAST ARRANGES

£10 MILLION SHARIAH FINANCING

FACILITY FOR OCADO LTD

The London based wholesale Islamic bank, provided a £10 million fully Shariah compliant leasing facility to Ocado Ltd (Ocado), the UK independent online grocer. Ocado is the UK’s only dedicated online supermarket, selling groceries from its supermarket partner, Waitrose Limited, alongside major branded goods and a wide range of non-food lines. Ocado can deliver into the kitchens of more than 15 million households in England.

Humphrey Percy, CEO of BLME, stated: “This deal marks the fi rst time that Ocado has

used Islamic fi nance and is BLME’s fi rst retail fi nancing deal in the UK.

For such a strong household name to make this choice refl ects the growing appeal that Shariah fi nance has in the global market and illustrates clearly how we can offer fi nancing solutions to a broad base of clients – from those who regularly use Islamic fi nance through to those who have so far not considered it as a viable alternative.” Since receiving its banking licence in July 2007, BLME has completed a variety of leasing, project fi nance, real estate and trade-related transactions, and is focused on offering Islamic fi nancing solutions to companies in the US, Europe and MENA region.

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LONDON’S LIQUIDITY EXCHANGE

When the Government of Bahrain launched the fi rst sukuk of 2009 to be listed in Europe, no one was surprised that it selected the London Stock Exchange (LSE) as the venue. The LSE’s high standards of transparency and corporate governance have attracted considerable liquidity. Bahrain’s June US$750 million sukuk lifted the number listed on the exchange to 19 – more than any other in Europe – with a total of US$11 billion raised.

“There is a high value in a London listing,” says Gillian Walmsley, Product Manager at the London Stock Exchange (LSE). “The listings rules and continuing obligations

guarantee a level of transparency. This is important for all investors, especially those that can only invest in a listed product.”

“ There is a lot of brainpower

in London and many of the

volume Islamic products

such as structured products

and note issuance platforms

have been developed there”

Neil Miller

Head of Islamic Finance Norton Rose

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07

As Islamic fi nance expands from its Gulf

and Southeast Asian home markets, London

is providing not only the links to Europe

but also the deep expertise that will enable

this specialist form of fi nance to grow once

more now that the credit crisis is over.

Quickening Islamic

fi nance’s growth

“There is a lot of brainpower in London and many of the volume Islamic products such as structured products and note issuance platforms have been developed there,” says Neil Miller, Norton Rose’s Dubai-based Head of Islamic Finance.

After a period when there was little activity, the UK is once again hosting deals and working to help refi ne Islamic structures. Islamic vehicles are starting to be listed once more on the London Stock Exchange (LSE), the UK’s lawyers are working on new Islamic products and the UK Government is continuing to enhance the regulatory environment.

Leading the way

In the fi eld of regulation, the UK is creating a model for others to follow. The 2009 Budget Report introduced the latest in a series of tax changes to sukuk bonds, continuing a programme of reform aimed at taxing Islamic fi nance’s economic returns equally with conventional fi nance’s interest payments. The UK’s initiatives have created the most open, fl exible and attractive regulatory and tax regime for Islamic fi nance of any western centre.

The tax and regulatory environment has created a level playing fi eld, which has helped to attract the fi ve Shariah-compliant banks and one dedicated Takaful provider that have set up in the UK during the past fi ve years. The regime has also helped to make the LSE an attractive venue for sukuk issuers, such as the Government of Bahrain (see box).

Valuable intellectual capital

In addition to working on new sukuk issues, the UK’s legal community is helping to review some sukuk structures after the fi nancial crisis. In this way, they are confi rming sukuk owners’ rights over the underlying assets, so reinforcing the foundations for future issuance.

London’s banking experts have also been responsible for breakthroughs such as the Shariah-compliant ETFs traded on the LSE. Other innovative developments include the fi rst Shariah-compliant hedge fund manager, as well as structured products.

“The quality of the people and infrastructure in London and throughout the UK; the way we address problems and issues, the mindset, all of these add value for Islamic fi nance,” says Omar Shaikh, an Executive Board Member of the Islamic Finance Council UK, which works to promote Islamic fi nance both in the UK and globally.

Image left

Bahrain Financial Harbour, Manama, Bahrain.

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08

More professionals are signing up to

study for the internationally-recognised

Islamic fi nance qualifi cations offered by

UK organisations as demand for expertise

in this complex and expanding industry

continues to grow.

Rising demand for UK

Islamic fi nance qualifi cations

To improve their understanding of the sector, bankers, lawyers and business advisers from around the world are choosing the comprehensive learning packages put together by UK universities and professional bodies, in collaboration with Shariah scholars and respected local delivery partners.

As a world leader in education, and a global centre for international fi nance, the UK offers students an outstanding learning opportunity. British courses also benefi t from the experience and insights that fl ow from 22 major banks with units that offer Islamic fi nance, including fi ve stand alone Islamic banks; to make the country one of the West’s leading centres for Islamic fi nance.

Meanwhile, organisations such as the Glasgow-based Islamic Finance Council provide thought leadership, offering seminars for scholars seeking a more detailed understanding of banking and insurance products.

Taking a broad approach

The UK’s broad, objective approach to education, training and qualifi cations in Islamic fi nance is proving attractive in a sector where Shariah rulings on acceptable products and practices vary between the Gulf and Malaysia. Lectures and tutorials provided in association with local professional associations ensure that overseas students understand the signifi cant national variations between countries such as Malaysia and Saudi Arabia.

Course directors are reporting rising demand for Islamic fi nance qualifi cations, even though falling oil prices and a property downturn hit Gulf economies in 2008 and prompted a slowdown in the Islamic fi nance sector’s growth. Many experts believe that a transparent and ethical fi nancial system, linked to tangible assets, will have long-term appeal in a post-crisis global economy.

For example, professionals from around the world are studying for the Islamic Finance Qualifi cation offered by the London-based Chartered Institute for Securities & Investment (CISI). Over 3,100 workbooks have been sold since it was launched two years ago, and more than 700 students have achieved this global benchmark qualifi cation which covers both technical and Shariah aspects of Islamic fi nance. The course was developed with the Lebanese Ecole Superieure des Affaires and is overseen by an advisory council of technical experts. “We see it as a genuine collaboration, not

just a UK export,” says Ruth Martin, CISI’s Managing Director. “We offer expertise in best-practice assessment and learning support, while regional experts bring a local fl avour through delivery of training.”

Global accountancy qualifi cations

Over 300 professionals in 43 countries are working towards the Certifi cate in Islamic Finance, a self-study course offered by the Chartered Institute of Management Accountants (CIMA), also based in London. The fi rst global qualifi cation offered by a professional accountancy body was developed in collaboration with the International Institute for Islamic Finance, with offi ces in Kuala Lumpur and Dubai. The programme is primarily a self-study system, but taught versions are delivered through CIMA partnerships in South East Asia, the Middle East and North Africa.

“We are offering a comprehensive qualifi cation which explains, in an unbiased way, the various regional approaches currently adopted,” says Course Director John Willsdon. “We also champion a move towards harmonisation of practice in an industry that has the potential to grow even faster when standardised.” With further growth in demand expected, an Arabic version of the CIMA course was launched earlier this year, while a translation of the CISI workbook will be available in 2010.

Image right

City scape at dusk, Birmingham, England.

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Image left Skyline view of London, England.

Image right Skyscrapers in Dubai, United Arab Emirates.

“ The quality of the people and

infrastructure in London and

throughout the UK; the way

we address problems and issues,

the mindset, all of these add value

for Islamic fi nance.”

Omar Shaikh

Executive Board Member Islamic Finance Council UK

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“ We offer expertise in best-practice

assessment and learning support,

while regional experts bring a local

fl avour through delivery of training.”

Ruth Martin

Managing Director CISI

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A GROWING POOL OF SERVICE PROVIDERS

In the past decade, the UK’s pool of specialist service providers has expanded considerably, both in London and regional cities such as Birmingham. They range from Islamic services providers such as the major legal and accountancy fi rms to smaller niche companies providing business support services.

Such services have become increasingly important for the development of the Islamic fi nance sector, as more companies invest in be-spoke products and services that accommodate the unique differences that exist in Islamic fi nance, particularly on an operational level.

For example ERI Banking Software through its Olympic brand, allows conventional banks with Islamic windows to run all of their operations from a single software platform, a more effi cient architecture than the usual practice of running conventional and Islamic platforms side by side.

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The UK Government is pushing forward with its policy of supporting the Islamic fi nance sector, further enhancing its fi scal framework to ensure Shariah products are not at a competitive disadvantage. In this way, it is building on the strengths that have made the UK a leading international centre for Islamic fi nance. In its 2009 Budget Report, the Government introduced the latest in a series of tax changes to sukuk bonds. The changes form part of the wider agenda to promote the UK as Islamic fi nance’s international gateway, playing a complementary role to the major centres of the Gulf and Southeast Asia.

Proactive changes to fi scal policy and regulation are building on the UK’s long history in the sector. When combined with London’s depth of fi nancial liquidity and pool of expertise – including specialist lawyers, accountants and Shariah consultants – such strengths are diffi cult for other Western centres to match. “The main issue for London has been around the tax and regulation of Islamic fi nance instruments,” explains Samer Hijazi, Director, Financial Services at KPMG. “Right now the UK has done a very good job of creating a level playing fi eld.”

Levelling the playing fi eld

Since 2003, the UK has introduced a series of changes to level the playing fi eld between Islamic and conventional fi nance. It has enacted specifi c tax legislation so that Islamic fi nance’s economic returns are taxed equally with conventional fi nance’s interest payments. These amendments have helped to attract fi ve Islamic banks to the UK since 2004, when the Islamic Bank of Britain became the fi rst stand-alone Islamic bank in a non-Muslim majority country.

In addition, the interests of the sector continue to be driven through activities that lobby the UK Government for any necessary changes to legislation via organisations such as UK Trade & Investment, HM Treasury and Financial Services Authority Islamic fi nance advisory groups.

London has developed its expertise in Islamic fi nance over 30 years. “London’s banks fi rst started providing Islamic structures in the late 1970s when they were asked to do so by the fi rst of the newly established Shariah compliant banks and a number of Middle Eastern merchant families,” says Stella Cox, Managing Director, DDCAP. “Many family offi ces were used to using London as a centre for conventional fi nance, so it had already become a conduit for setting out fi nancial structures and managing cashfl ows.” By nurturing the Islamic fi nance sector, and continuing to build its capabilities, the UK is becoming a key hub. A presence in London is now seen as essential by many of those seeking to expand internationally.

“When we set up in London, our shareholders wanted to be here because it is one of the world’s leading fi nancial centres,” remarks Nigel Denison, Head of Markets and Asset Management at Bank of London and the Middle East. “They wanted access to the people and the facilities here. They also wanted to do deals in Europe, so that they could diversify risk.”

The UK Government is pushing forward

with its policy of supporting the Islamic

fi nance sector, further enhancing its fi scal

framework to ensure Shariah products

are not at a competitive disadvantage.

The UK creates Islamic

fi nance’s international gateway

Image left

Mosque tower and high rise buildings, Abu Dhabi, United Arab Emirates.

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CASE STUDY: CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS (CIMA)

IN THE HEADLINES: OCTOBER 2009

GROUND BREAKING SKILLS

INITIATIVE FOR THE ARAB WORLD

The Chartered Institute of Management Accountants (CIMA) has recently completed a groundbreaking initiative in the development of qualifi cations in Islamic Finance by signing a contract with Jordan-based TAGI organisation to translate and deliver the CIMA Certifi cate in Islamic Finance in Arabic and English throughout the Arab speaking world.

The certifi cate offers an internationally recognised qualifi cation as an alternative to regional qualifi cations available in isolated geographies. The move to offer the certifi cate in Arabic in the Middle East ensures the placement of a global qualifi cation that is accessible to all.

The qualifi cation highlights a real commitment by both partners to meet the shortage in skills required by the rapidly growing Islamic fi nance market. The launch of the Arabic certifi cate, which includes HSBC Amanah as its global supporting partner, marked a major step forward for the Islamic Finance industry – it is the fi rst global qualifi cation of its kind to be offered by a professionally chartered accountancy body.

Image Skyscrapers of Kuala Lumpur, Malaysia.

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CASE STUDY: GATEHOUSE BANK

IN THE HEADLINES: SEPTEMBER 2009

GATEHOUSE BANK IN

WORLD-FIRST CROSS BORDER

TRANSACTION ON SUQ AL-SILA

Gatehouse Bank plc, the latest Islamic bank in the UK to be granted an FSA licence, completed the fi rst trade outside Malaysia encompassing movements across Bursa Malaysia’s Bursa Suq Al-Sila’ platform, an end-to-end Shariah-compliant commodity trading platform that facilitates commodity-based Islamic fi nancing under Shariah principles.

Gatehouse Bank CEO, Richard Thomas, commented: “It is an honour to be one of the parties in the fi rst

international trade over Bursa Malaysia’s platform. With CIMB Islamic, we have also set a precedent for a process whereby transactions can be enacted far more quickly and more effi ciently than ever before.” On this platform, the opening up of Islamic markets as multi-currency trades is made accessible. The transaction illustrated a good example of the

strengthening of trade partnerships between leading Islamic fi nancial centres, Malaysia and the UK. By speeding up the process by which these transactions can take place, international trade between these two countries will be enhanced.

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Islamic fi nancial institutions in both the Gulf

and Southeast Asia are forging a growing

number of partnerships with UK public and

private sector organisations.

Partnering to

create a stronger

Islamic fi nancial sector

Image right

City centre, Doha, Qatar.

As the global growth of the industry continues, many institutions will fi nd ample reasons to look towards London for its accumulated banking practice and knowledge, as well as its access to liquidity.

The UK’s relationship with the Gulf is well regarded, given its historical trade relationship and the depth of experience found in its fi nancial centre. In 2009, a Lord Mayor of London’s visit to the United Arab Emirates discussed the pressing topic of regulation during the fi nancial crisis, in addition to public-private partnerships. At a time when the Islamic fi nance world is working towards global co-operation in establishing frameworks for regulation and dialogue on harmonising Islamic rules and structures, UK fi rms are deeply involved. UK-based lawyers are playing a valuable role in helping to re-establish the legal frameworks for some Gulf sukuk bond structures, for example, following the frailties revealed by the economic crisis. English Common Law’s fl exibility has made it more suited to use in Islamic fi nance than some more prescriptive forms of law. Such work is reinforcing sukuks’ legal and regulatory foundations.

“Modern-day sukuk are based on traditional Islamic principles and they have re-emerged as fi nancial instruments only relatively recently. It is still a young industry and therefore it is all the more important that those structuring sukuk properly consider the legal consequences of what happens when things go wrong” says Muneer Khan, Head of Islamic fi nance at international law fi rm Simmons & Simmons.

The year 2009 also saw Bank Negara Malaysia signing a memorandum of understanding with UK Trade & Investment, covering issues from promoting education to developing standardised rules. Two working parties are now seeking to establish common accounting, legal and regulatory standards between the two countries.

The UK is also at the forefront of education when it comes to Islamic fi nance. Since the London-based Chartered Institute for Securities & Investment (CISI) launched its Islamic Finance Qualifi cation two years ago, more than 700 students have achieved this global benchmark qualifi cation.

The Chartered Institute of Management Accountants (CIMA) have also recently completed a groundbreaking education initiative by signing a contract with the Jordan-based organisation TAGI Training

to translate and deliver the CIMA Certifi cate in Islamic Finance in Arabic and English throughout the Arab speaking world. “There is a lot of enthusiasm for more of these

sorts of partnerships,” says Richard Thomas, Chief Executive of Gatehouse Bank. “Quite a lot of new institutions in the Gulf are looking to do more business with Western markets. Their domestic markets are relatively small and it is through strategic partnerships that their next stage of growth will be reached.”

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“ There is a lot of enthusiasm for

more of these sorts of partnerships.

Quite a lot of new institutions in

the Gulf are looking to do more

business with Western markets.”

Richard Thomas

Chief Executive Gatehouse Bank

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ASSET MANAGEMENT

Allianz Global Investors

Allianz Global Investors, a division of Allianz SE, is a network of investment specialists in the major institutional and retail markets around the world. With globally EUR 1,045 billion assets under management, Allianz Global Investors is one of the world’s largest active asset managers.

Contact: Emma Taylor

Telephone: +44 (0)207 065 1407 Email: [email protected]

BANKING

Bank of London and the Middle East (BLME)

Bank of London and The Middle East plc (“BLME”) is an independent UK wholesale Shariah compliant bank based in London.

The fi ve core areas that set the foundations for BLME’s competitive offering are Private Banking, Asset Management, Markets Division, Corporate Banking and Corporate Advisory.

Contact: Michelle Arnold

Telephone: + 44 (0)207 618 0078 Email: [email protected]

PROFESSIONAL SERVICES – ACCOUNTING & TAX

BDO

BDO International is the world’s fi fth largest accountancy network with more than 1000 offi ces in over 100 countries.

We specialise in a number of sectors spans across the globe, including: ·Financial Services

·Real Estate & Construction ·Retail

·Technology, Media & Telecoms ·Natural Resources

·Manufacturing ·Charities & Education Our service offering includes: · Audit and Assurance · Business Restructuring · Corporate Finance · Disputes and Investigations · Investment Management · Risk Advisory · Tax Services · Valuations Contact: Joy Frascinella Telephone: +44 (0)207 893 3073 Email: [email protected] 18

We invite you to partner with the UK

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Strength in Partnership

EDUCATION

Chartered Institute of Management Accountants (CIMA)

The Chartered Institute of Management Accountants is the world’s leading and largest professional body of Management Accountants, offering an internationally recognised qualifi cation with a sole focus on business. The CIMA Certifi cate in Islamic Finance provides the professional recognition of a CIMA qualifi cation alongside demonstrable expertise in the complex, fast growing world of Islamic fi nance.

Contact: Katie Scott-Kurti

EDUCATION

Chartered Institute of Securities & Investment (CISI)

CISI helps members attain, maintain and develop their knowledge and skills. It promotes the highest standards of ethics and integrity in the securities and investment industry. The CISI is the leading examining, training and membership body for the securities and investment industry in the UK. Over 40,000 members benefi t from our programme of professional and social events. The CISI provides vocational qualifi cations attracting over 35,000 candidates annually. Based in the City of London, the CISI is a global organisation with offi ces in fi nancial centres including Dublin, Singapore, Dubai, Mumbai and Shanghai.

Contact: Lora Benson Telephone: +44 (0)207 645 0662 Email: [email protected] MARKET INTERMEDIARY DDCAP

DDCAP provides wholesale intermediary services to Islamic fi nancial market participants and holds a unique market position as facilitator across a diverse range of Shariah compliant assets and products. Contact:

Natalie Morse

IT SERVICES & SOFTWARE

ERI Banking & Software

ERI is an established, substantial international group specialising in the design, development, distribution and support of the integrated, real time banking and asset/investment management software package: OLYMPIC Banking System. The OLYMPIC Banking System is being used by a number of leading international banking groups to support their sites in the Middle East. Contact:

Colin Clarke or Nicholas Hacking Telephone: +44 (0)207 987 4859 Email: [email protected]

BANKING

Gatehouse Bank

Gatehouse Bank plc is a fully Shariah compliant wholesale investment bank based in the City of London.

It has six key areas of business: Capital markets (including Sukuk issues and syndicated fi nancings; Institutional wealth management; Real Estate; Placement; Shariah advisory services and Treasury products.

Contact:

Antonella Annunziata

Telephone: +44 (0)207 070 6050

Email: [email protected]

ADVISORY & CONSULTANCY

IFAAS

IFAAS (Islamic Finance Advisory and Assurance Services) is a Europe based independent consultancy with offi ces in Birmingham (UK) & Paris (France), specialised in providing advisory services to fi nancial institutions in the critical area of Shariah Compliance. Contact:

Ghezala Sultan

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PR contact information

continued

BUSINESS SUPPORT SERVICES & RESEARCH

International Financial Services London (IFSL)

IFSL is the only independent organisation representing the whole UK fi nancial services sector. We promote the industry around the world, infl uence trade policy and regulation and publish defi nitive research on the sector, including the IFSL Islamic Finance Report, 2009. Contact:

Andrew McHallam

PROFESSIONAL SERVICES – ACCOUNTING & TAX

KPMG

KPMG’s Islamic Finance Group (IFG) comprises of a global network of professionals with in-depth knowledge of Islamic fi nance providing practical, value added assistance to KPMG fi rms’ clients across a range of specialisms and issues including risk management, fi nancial reporting, regulation, compliance-related issues, Shariah governance and taxation.

Contact: Amanda Beto

Telephone: +973 1722 4807 Email: [email protected]

INWARD INVESTMENT SERVICES

Locate in Birmingham

Birmingham, a thriving international city, is at the centre of the United Kingdom’s communications network, offering a business client base that is second to none and a large and skilled workforce to supply your company needs. Retail bank, The Islamic Bank of Britain located its HQ in Birmingham, UK.

Contact: Phil Doherty

Telephone: +44 (0)121 303 2222

EXCHANGE & LISTINGS

London Stock Exchange

The London Stock Exchange is at the heart of the global fi nancial market and is home to some of the largest, most successful and dynamic companies in the world. To date over US$11 billion has been raised through 19 issues of sukuk on the London Stock Exchange.

Contact: Jonny Blostone

Telephone: + 44 (0)207 797 3310

LEGAL & PROFESSIONAL SERVICES

Norton Rose

The Norton Rose Group has been present in the Middle East for over 30 years and has always been known for our strong banking and fi nance practice. The fi rm’s Islamic Finance Group has undertaken ground-breaking work, varying from some of the fi rst cross border Murabaha and Ijara asset deals in the eighties and nineties to the product launch of the Islamic Bank of Britain; we assisted in the removal of double stamp duty in the United Kingdom and have structured many novel Shariah compliant solutions, always working closely with internationally renowned scholars.

Contact: Simon Agar

Telephone: +973 16 500 200 Email: [email protected]

PROFESSIONAL SERVICES – LEGAL

Simmons & Simmons

The Simmons & Simmons Islamic fi nance practice advise on both advanced and traditional Islamic fi nance structures. Our lawyers are recognised as leading lawyers in Islamic funds, Islamic structured products, Islamic banking and fi nance as well as Islamic project fi nance. We advise Islamic and conventional fi nancial institutions, as well as corporate and governmental bodies, on a wide range of structures in the Middle East and internationally. Our deep understanding and adherence to Shariah principles provides us with a market leading capability to devise robust structures – from a legal, risks and Shariah perspective, before obtaining Shariah approval. Contact:

Tariq Hameed

Telephone: +971 50 115 5865

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UK TRADE & INVESTMENT ARE PLEASED TO HOST THE UK PAVILION ON BEHALF OF: