Rise of Islamic Finance
12/06/2008
The first Annual World Islamic Banking Conference: European Summit (Euro WIBC 2008) will be held at The Park Lane Sheraton in London on the 8th of July 2008.
With all signs now indicating exciting growth potential for Islamic finance in Europe, Euro WIBC could not come at a more opportune time as the industry stands on the threshold of significant expansion.
UK Economic Secretary and City Minister Kitty Ussher MP, has just announced the Government's response to the consultation on a sterling Sukuk issuance saying the government favored a 'bill-like' Sukuk programme which could be fully integrated with the conventional Treasury bill programme. Speaking after chairing a meeting of the UK’s Islamic Finance Experts Group, Kitty Ussher emphasised the importance of the Islamic finance sector to the city and the government’s commitment to its growth.
Britain has already licensed 5 Islamic banks, with Gatehouse Bank being the most recent; while other key European financial centers continue to develop opportunities for Islamic finance, including exciting initiatives in Germany, France, Italy and Belgium.
One of the speakers at the conference Baron Junaid Abbas Bhatti, an expert in Islamic Finance and head of Ballencrieff House, noted that mainstream acceptance of Islamic finance will increase as consumer desire for ethical product options increases.
More than 400 international delegates are expected to attend the inaugural event.
