Islamic Finance Excellence in UK

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ukti.gov.uk/invest

UK Excellence

in Islamic Finance


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Foreword 01

Welcome 03

UK Excellence in Islamic Finance 04

Investing in UK Infrastructureand Regeneration Projects 06

What is Islamic Finance? 09

History of Islamic Finance in the UK 10

Development of IslamicFinancial Institutions in the UK 12

Regulatory Developmentof Islamic Finance in the UK 13

Islamic Finance Education in the UK 14

Business Profiles

Education and Training 16Aston Business School 17

Bangor Business School 18

Cambridge Judge Business School,University of Cambridge 19

The Centre for Islamic Financeat the University of Bolton 20

Centre of Excellence for ProfessionalTraining in Islamic Finance 21

Durham Islamic Finance Programmes 22

The ICMA Centre at theHenley Business School 23

The Islamic Finance Qualification (IFQ) 24

London School of Businessand Finance 25

Newcastle University Business SchoolIslamic Finance and Law Studies 26

The Oxford Centre for Islamic Studies 27

University of East Londons

Royal Docks Business School 28

Banking 29

ABC International Bank plcIslamic Financial Services 30

Abu Dhabi Islamic Bank (ADIB) 31

The Bank of Londonand The Middle East 32

Citi: Leader in Global Islamic Banking 33

European Islamic Investment Bank Plc 34

Gatehouse Bank plc 35HSBC 36

Islamic Bank of Britain 37

J.P. Morgan 38

Mashreq 39

Standard Chartered Saadiq 40

QIB (UK) 41

Financial and Professional Services 42

Aberdeen Asset Management 43

Cobalt Underwriting 44

DDCAP Group 45

Deloitte 46

Eiger Trading Advisors Ltd 47

Ernst & Young 48

IFAAS 49

The Islamic Finance Council UK 50

KPMG 51

London Stock Exchange 52

PwC LLP 53

Simply Sharia 54

Legal 55

Allen & Overy 56

Ashurst LLP 57

Clifford Chance 58

Dentons 59Freshfields Bruckhaus Deringer LLP 60

Hogan Lovells 61

King & Spalding 62

Linklaters 63

Norton Rose Fulbright 64

SGH Martineau LLP 65

Simmons & Simmons 66

Trowers & Hamlins LLP 67

Get the support you need to succeed 68

Contents


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The UK and London in particular has already become a centrefor Islamic finance. More than a dozen banks deliver Islamic financetransactions. There is hardly a large professional services firm thatdoes not have specialist Islamic finance teams. And Islamic financehas helped transform Londons skyline by financing in whole or in partdevelopments such as The Shard, Chelsea Barracks, Harrods andthe Olympic Village.

I am therefore delighted that London is the first city outside of theIslamic world to host the World Islamic Economic Forum (WIEF),demonstrating the UKs position as a global partner of choice

for Islamic finance with the expertise, innovation and servicesfundamental to the industrys growth.

The future of Islamic nance in the globaleconomy looks bright. With 10 of the worlds25 fastest growing markets in Muslim-majority countries, industry forecastsestimate that Islamic investments mightgrow to 1.3 trillion by 2014.

Foreword

Rt. Hon. David Cameron MPPrime Minister

01UK Excellence in Islamic Finance


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With outstanding specialist expertise and leading global services andacademic institutions, the UKs offer of excellence in Islamic financeis truly unique.

This brochure provides an overview of the Islamic finance landscape inthe UK; mapping the sectors history, its phenomenal rise and outliningthe unrivalled knowledge, expertise and experience the UK offersacross all sectors from education to international law and banking.

Business profiles from key industry players illustrate the exceptionalfinancial and professional services offered within the UK and providecontact details for those wishing to find out more. As this brochureoutlines, the UK is determined to be the global destination forIslamic finance.

Thats important, because the industry is set to grow significantly inthe years ahead. With a potential market base of more than 2 billionpeople, it is not surprising that Islamic finance investments globallyare forecast to grow beyond $2 trillion in 2014.

The UK is well-placed to play a key role in this expansion. It is nocoincidence that London was chosen to host the 9th World IslamicEconomic Forum the first time the prestigious event has been heldoutside the Muslim world. This demonstrates like the content of thisbrochure that there has never been a better time to take a look at

just how much the UK has to offer.

As the Ministerial lead on Islamic Finance,I am delighted to showcase the incredibleopportunities for Islamic nance in the UK.

Welcome

Rt. Hon. Baroness Warsi PCSenior Minister of State at theForeign and Commonwealth Office



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The global market for Islamic financeat the end of last year was wortharound US$1.3 trillion according tothe UK Islamic Finance Secretariat.The total value of Sharia compliant

assets has grown by 150 per cent since2006. The UK is the leading westerncountry and Europes premier centrefor Islamic finance with US$19 billionof reported assets.

The removal of double tax on Islamicmortgages, the extension of tax reliefon Islamic mortgages to companies aswell as to individuals, and the reformof arrangements for issues of debthave resulted in the United Kingdom

becoming the key western gatewayfor Islamic finance with London as itsworld leading financial services centre.

More than 20 international banksoperating in the UK are working inIslamic finance. Six of these are fullySharia compliant, more than any othercountry in Europe. British banks arealso active in the international Sukukmarket. Global Sukuk issuancein the first quarter of 2012 was

US$43.3 billion, almost half the totalfor the whole of 2011 with UK banks

playing a major role. Domestic banksare also meeting the demand forIslamic finance services throughthe expansion of their Islamicfinance offering.

Islamic finance is increasingly beingused in major infrastructure projectsin the UK such as The Shard of Glass,the Olympic Village and theredevelopments of Chelsea Barracksand Battersea Power Station. Thereis potential for further funding ofthe UKs infrastructure requirementsgiven the Governments positiveand progressive attitude towardsIslamic finance.

We have the largest legal servicesmarket in Europe and as part of thisover 25 law firms with offices in the UKare supplying legal services relatingto Islamic finance for the global anddomestic markets.

The UKs largest accountants,consultants and professional servicefirms all have Islamic financedepartments providing trusted

advisory services to UK andinternational clients.

UK Excellencein Islamic FinanceThe UK has been providing Islamic Financial Servicesfor over 30 years and Government policy over the lastdecade has created a scal and regulatory frameworkthat encourages the growth of Islamic nance.

Regional centres of excellence arenow established. In the field ofeducation new standards andqualifications in Islamic finance arebeing offered by four professional

institutes and at least ten universitiesand business schools across the UK.

The London Stock Exchange is a keyglobal venue for the issuance ofSukuk. To date over US$34 billion hasbeen raised through 49 issues ofthese alternative finance investmentbonds on the London Stock Exchange.Seven exchange trade funds and twoexchange trade products are alsoquoted on the London Stock Exchange.

With all these factors in place, thepotential for growth in UK-basedIslamic financial services isimmeasurable. The UK financialservices sector is a springboard forglobal growth and the partner ofchoice in the delivery of Islamic financeexcellence in the western world.

UK Excellence in Islamic Finance04


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With foreign ownership (shareholding)currently standing at around 40 percent, the UK has proved an attractivemarket for global investors.

Recent overseas investments include: Masdars 20 per cent investmentin London Array Offshore Wind;

Cheung Kong Infrastructurespurchase of Northumbrian Water(2.4 billion);

The acquisition of the BatterseaPower Station project by aMalaysian Consortium(400 million);

Advanced Business Parks 1 billioncommitment to develop a new AsiaFinance District in East London;

Marubenis acquisition of 49.9 percent of the Gunfleet Sands offshorewind farm (c. 200 million); and

Global Infrastructure Partnerspurchase of Edinburgh Airport(c. 800 million).

The National Infrastructure PlanThis sets out the UKs ambition forinfrastructure investment:

Progress in all areas implementing

the National Infrastructure Plan 2011; 330 billion of infrastructureinvestment over the next ten years;

Additional public investment inInfrastructure as part of AutumnStatement 2012;

Priority focus on Transport, Energy,Communications and Water & Wastesectors;

A list of 40 priority programmes and

over 550 infrastructure projectsthat the Government is committedto deliver in partnership with theprivate sector;

Over 85 per cent of the expectedinvestment private or part-privatefunded;

Prioritising the delivery of theseprogrammes through the creationof an Infrastructure Cabinet

Committee.

Investing in UK

Infrastructure andRegeneration ProjectsWith a successful and robust regime for delivering investmentin infrastructure and regeneration projects, the UK has thepotential to offer a huge and exciting range of new opportunitiesfor Sharia compliant investments.

Investment in the UKsRegeneration SectorThere is great investor confidence inthe UK regeneration sector. Figuresshow the total floor space completed

in 2012 was 600,000 square metres double that for 2009-2011 andcurrent projects underway in the UKwill lead to the development of220,000 homes.

There is a strong pipeline ofinvestment opportunities coveringall land uses, scales and stagesof development. Over 100bnof investment is required forregeneration projects currently

in progress.

The key shovel ready regenerationprojects requiring further investmentand development partners to unlockfurther stages consist of:

In excess of 150 projects with valuesof over 100m;

100 projects with values over250m;

Over 40 projects requiring 500mor more investment;

25 projects with investmentrequirements in excess of 1bn.



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20 Priority InfrastructureProjects under the NationalInfrastructure Plan

Crossrail

East Coast Main Line

Gas investment (CCGT)*

Gatwick capital investmentprogramme

Heathrow capital investmentprogramme

High Speed Two

Intercity Express Programme

Kings Cross Station improvements

London Underground investment

programme Mersey Gateway Bridge

New Lower Thames crossing*

New nuclear investment

Northern Line Extension toBattersea

Northern rail connectivity(Liverpool to Newcastle includingNorthern hub)

Rail infrastructure and rolling stockenhancement*

Smart meters*

Thameslink

Thames Tideway Tunnel*

Urban broadband fund Superconnected cities

Wind energy investment*

Priority Regeneration Projectswithin the UK

Barking Riverside*

Clyde Gateway*

Greenwich Peninsular

*

Liverpool Waters*

Nine Elms*

Paramount Themepark*

Titanic Quarter*

Queen Elizabeth Olympic Park*

Wirral Waters*

Summary of Private Sector Investment in UK infrastructure

Energy Offshore Wind:A potential investment programme in excess of 100 billion

Nuclear:Up to eight individual sites with capital value per project of 8-9 billion

Offshore Transmission:An investment programme of 15 billion to support offshore wind projects

High Speed 2:A high speed rail line from London to the North. Potential investment value estimateof c. 32 billion

Transport Rolling Stock:Investment value of 6 billion to 2014

Ports:Opportunities for turbine manufacturing investment in support of offshore windprogramme and opportunities to support post-Panamax container facilities

Water Thames Tideway:New waste water tunnel. Capital value 4.2 billion

Atlantic Gateway:A 75 billion regeneration and infrastructure development in North West England

Combined Olympic Park:The 9 billion redevelopment of the Olympic Park following the 2012 LondonOlympics

Urban Regeneration:A pipeline of over 100 billion of significant urban regeneration anddevelopment opportunities across the UK

*projects most suited to private sector investment

To find out more about these andother major opportunities andadvice on how these can betailored to Islamic investment,please contact:

UK Trade & Investment,Institutional Investment& Infrastructure1 Victoria StreetLondon, SW1H 0ET+44 (0)20 7215 2809

[email protected]



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The framework of an Islamic financial

system is based on elements of Sharia(the law of Islam) which governsIslamic societies. Sharia originatesfrom two principal sources; the Quranand the teachings and practices of theProphet Muhammad.

The fundamental concept of Islamicfinance is that money has no intrinsicvalue and should only be used as ameasure of worth. Sharia compliantinvestments are structured on the

exchange of ownership in tangibleassets or services with money actingsimply as the payment mechanismto effect the transfer.

The taking or receiving of interest(Riba) is strictly prohibited as, underSharia principles, money is notvaluable in itself and no charge shouldbe made for its use. Islamic financialprinciples also prohibit speculation(Gharar), precluding any involvement

in gambling (Maysir) or extremeuncertainty. Any risk in a transactionmust be shared between at least twoparties, meaning that investors andentrepreneurs alike must bear thebusiness risk for a share in the profit.

These principles of Islamic finance

mean that methods to undertaketransactions differ from conventionalfinance. Common Sharia compliantinstruments include:

Sukuk:Islamic type of bondrepresenting the ownership by theSukuk holders in the underlying asset;

Murabaha:Asset purchased by thebank and sold on to the customerwith an agreed mark-up;

Ijara:Asset purchased by the bankand leased to the customer over aspecified period;

Musharaka:Investment partnershipin which profit sharing terms areagreed in advance and losses areattributable to the sum invested.Similar to a joint venture agreement;

Mudaraba:Partnership financingcontract under which one party

provides the labour whilst the otherprovides the capital;

Takaful:Mutual insurance.

What is IslamicFinance?Established in 1975 with the formation of theIslamic Development Bank, modern Islamic nanceis, in relative terms, at the beginning of its lifecycle.However, the underlying nancial principles of theindustry remain unchanged since their origin over1,400 years ago.

Strict due diligence is needed to

assess the viability of a businessproposal before funding is agreedand any proposed venture must becertified as Sharia compliant by anexpert (Scholar) of Islamic law. Certaininvestments deemed non-ethicalor incompatible with Sharia law(Haram) are forbidden, includingbusiness relating to alcohol, porkproducts, conventional financialservices, gambling, pornography,weapons and defence. Conversely,investment based on the core valuesof promoting social justice and theeconomic prosperity of the wholecommunity is encouraged.



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In that relatively short space of time

the industry has grown rapidly andthe global market now exceedsUS$1.1 trillion in assets with 716 Islamicfinancial institutions spread over 61countries making over US$13.1 billionin profit1. Islamic banking assets areforecast reach US$1.8 trillion this year2.

Islamic finance aims to create businessactivities that generate a fair andequitable profit from transactions thatare backed by real assets. This method

of financing avoids usury, uncertainty,short selling and excessive creditcreation whilst encouraging soundrisk management procedures.

Islamic finance reached the UK inthe 1980s with the first commodityMurabaha transactions and thelaunch of the first UK Islamic bank,Al Barakara International in 1982.During the 1980s a number ofinvestment banks offered bespoke

Sharia compliant products to theirMiddle Eastern clients, mostly in theareas of trade finance, leasing andproject finance.

It was not until the industry received

political and regulatory support thatmomentum started to build. In 2000an Islamic finance working group wasset up under the leadership of AndrewBuxton, former Chairman of BarclaysBank and Eddie George of the Bank ofEngland. The working group includedrepresentatives from the Treasury,FSA, the Council of Mortgage Lenders,financial institutions and members ofthe Muslim community.

Since the formation of this workinggroup the UK Government andregulators have attempted, throughthe addition of Alternative Financeclauses to various Taxation Acts, tocreate a market environment whereIslamic banks and their clients arenot treated any differently to theirconventional counterparties.For example Stamp Duty Land Taxwas amended in order to remove

double stamp duty on Shariacompliant mortgages.

As the industry has developed the

breadth of products and services hasimproved and now compete with theofferings of conventional financialinstitutions. In 2012 the UK was rankedthe 9th largest country by Shariacompliant assets with more than20 institutions offering Islamic financeand six wholly Sharia compliant banks.

The Sukuk (Islamic bonds) market isthe engine room of the Islamic financemarket and London, as a major centre

for the issuance and trading ofInternational bonds is a natural hometo list and trade Sukuk. A total ofUS$34 billion has been raised through49 issues of Sukuk on the LondonStock Exchange (LSE). The first Sukuklisted on LSE was for the UAE-basedNational Central Cooling Company(Tabreed) for the amount ofUS$200 million in 2007. There arealso Sharia compliant institutions

listed on AIM and seven Shariacompliant Exchange Traded Funds(ETFs) based on Islamic indices listedon the LSE.

History of IslamicFinance in the UKIslamic nance has a long history. However, it has onlydeveloped on a global scale over the last 30 years.

By Sharjil Ahmed



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The London Metal Exchange (LME)

is becoming an important avenue forthe growth of Islamic finance globally.The LME is a leading metal exchange,and a significant volume of liquiditymanagement transactions concludedby Islamic finance institutions andother Sharia compliant firms aresupported by metals on LME warrant.

The UKs preeminent fundmanagement position has beenone of the key reasons why Islamic

financial institutions have chosen theUK as their base of operations or fora representative office. Accordingto TheCityUK research there are5.1 trillion of assets undermanagement in the UK. UK financialinstitutions have been offering Shariacompliant funds since 1986 to caterto the investment requirements oftheir Middle Eastern clients. The firststerling denominated based Halalmutual fund was launched in 1997.There are currently around nine fundmanagers offering Islamic assetmanagement services to their clients.

The robust regulatory framework,

supportive Government and stronghistory of financial innovation attractsIslamic banks.

The UK is one of the most desirableplaces to study in the world witharound 100,000 internationalstudents studying at UK universities.Islamic finance is taught at a numberof these universities and by othereducational institutions such as theInstitute of Islamic Banking and

Insurance that started providingcourses in 1990. The CharteredInstitute for Securities andInvestments developed the landmarkIslamic finance qualification (IFQ) inassociation with Lcole Suprieuredes Affaires (LESA) in 2006. TheIFQ has become one of the mostcomprehensive and popular entrylevel qualifications in Islamic finance.

In addition to these educational,

regulatory and market developmentsthe UK is a vibrant, multicultural andtolerant society that has welcomedIslamic finance. The UK hasestablished itself as a hub for Islamicfinancial activities and is the globalgateway for Islamic trade andinvestments. Islamic finance is withoutdoubt a growth industry and the UK iswell positioned to become the globalleader outside the Muslim world.It is therefore essential thatthe industry continues to work withthe government, tax and regulatoryauthorities to develop and shapethe financial environment and UKlegislation in order to ensure a levelplaying field for Sharia compliantproducts and services.

1 The Banker. Top 500 Islamic Banks. 2012.2 Ernst and Young. World Islamic Banking

Competitiveness Report 2013.

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Development of IslamicFinancial Institutions in the UK

AlbarakaInternational Bank

Islamic Mortgages

HSBC Amanah Islamic Mortgages

Treasury and Investmentservices

Private banking

United Bank ofKuwait (AUB)

Islamic Mortgages

Bank of Londonand the Middle East(BLME)

Wholesale IslamicInvestment Bank

Abu Dhabi Islamic

Bank (ADIB) Representative Office

Cobalt Underwriting Wholly Sharia compliant

insurance products

ABC InternationalBank (Alburaq)

Islamic Mortgages

Islamic Bankof Britain

First Islamic Retail Bank

RBS/Bankof Ireland

Islamic Commercialproperty financing

European IslamicInvestment Bank(EIIB)

First wholesale IslamicInvestment Bank inthe UK

Lloyds TSB Current Account

Childrens Mutual Children Mutual Fund

QIB.UK (EuropeanFinance House)

Wholesale Islamicinvestment bank

Gatehouse Bank Wholesale Islamic

investment bank

British IslamicInsurance Co

Takaful

BIIH closed to newbusiness from November

2009

1982

1996 2007 20132004

2003 2005 2008

World Islamic Economic ForumThe World Islamic Economic Forum(WIEF) is a Kuala Lumpur basedorganisation that brings togethergovernment leaders, captainsof industries, academic scholarsand regional experts to discussopportunities for business

partnerships in the Muslim world.WIEF has been hosted annuallysince 2005 in destinations includingJakarta, Islamabad and Kuwait,with London playing host to the

first meeting of the WIEF outsideof the Muslim world in 2013.

The key objectives of the WIEF are:to enhance the economic well-beingof the people of Muslim nationsand Muslim communities throughincreasing trade and businessopportunities; to package the Muslim

world as a lucrative trade andinvestment destination; to strengthennetworking and foster strategicalliances through the exchange ofideas, information and knowledge;

and to promote dialogue and fosterco-operation among internationalbusinessmen in the belief thatbusiness partnerships can becomegenuine bridges towards peace andprosperity between the Muslim andnon-Muslim world.

www.wief.org



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Bank of Englandestablished the IslamicFinance Working Groupchaired by Lord Georgeto investigate obstaclesfacing the industry andenable the development ofIslamic finance in the UK.

The SDLT provisions wereextended to equitysharing arrangementsand in 2006 tocompanies.

Government legislated forMurabaha instruments asa purchase and resalearrangement.

HM Treasury IslamicFinance Experts Groupformed to adviseGovernment on howto best support thedevelopment of Islamicfinance in the UK.Representatives of thegroup are from theGovernment, legal andadvisory firms, and fromthe Muslim community.

UK Government startedreviewing the feasibilityof issuing wholesale

sovereign Sukuk. FSA regulation of Home

Purchase Plans.

HMRC guidance on taxtreatment of all financingtechniques covering:

Capital allowances

Value Added Tax (VAT)

Capital Gains Tax (CGT)

UK Islamic FinanceSecretariat (UKIFS):Supporting the promotionand development ofIslamic finance in the UK.

HM Treasury and HMRevenue & Customs TaxTechnical Groupestablished to understanddetails and specificconcerns of technicalnature for Islamic finance.

Finance Act Stamp DutyLand Tax (SDLT): Cateredfor individuals usingalternative propertyfinancing arrangements(covering Islamicmortgages), removing the

double charge to SDLTthat might otherwisearise where a financialinstitution buys aproperty and then re-sellsit to the individual.

Government legislated fordiminishing Musharakaor diminishing shared

ownership for propertyor asset financingarrangements.

SDLT relief extendedto corporate entities.

Islamic Finance Task

Force (IFTF): IFTF is aMinisterial-led Task Forceset up to promote the UKas an Islamic financialcentre and to attractinward investment.

UK Governmentannouncement ofpotential Sukuk issuance.

2001 2005 2007 2011

2003 2006 20132008

Regulatory Developmentof Islamic Finance in the UK



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With world class academic institutionsoffering a range of specialist coursesand qualifications in Islamic finance,the UK is a global leading provider ofsector specific education and research.

The list below provides a snapshot

of the UKs offer of Islamic financeeducation. It is not intended to beexhaustive, but highlights the sectorsmain players and the wide varietyof courses available ranging fromfoundation courses to postgraduateresearch.

The UK Islamic Finance Secretariathas a dedicated Education, Trainingand Qualifications group of providerswhich meets regularly to promote

the UK offering.Islamic Finance FoundationFoundation courses are availableat many different levels:

CISI The Islamic Finance Qualificationprovides a basic introduction toIslamic financial instruments and howthey are applied in different segmentsof the financial industry. Although thecourse does not have any prerequisites,it is most suited to candidates witha background (educational or workexperience) in finance.

It is available in both English andArabic and will be available in Frenchfrom 2014. It is widely taken both byfull time students and practitionersin more than 40 countries.

CIMA Courses are available at

different levels covering certificates,a diploma and an advanced diploma.The certificates are designed forcandidates new to Islamic finance,with the advanced diploma being thehighest level. The diploma is awardedupon completion of all four certificates.

IIBI A variety of certificates, diplomaand post graduate diploma coursesare offered by IIBI in combination witha number of events and workshops.

IFS School of Finance appearsto be among the few offering anundergraduate level course. Theiroffering consists of two modulesFoundation in Islamic Banking andFinance and Practice of IslamicBanking and Finance. Both arelevel four modules and can be takenin combination with other modulesas part of the Professional Certificatein Banking.

Islamic FinanceEducation in the UKBy the UK Islamic Finance Secretariat (UKIFS)Education, Training and Qualications Group

TakafulCIMA Courses are available atdifferent levels covering certificates,a diploma and an advanced diploma.A specific certificate in Banking andTakaful is among the offering.

IIBI A variety of certificates, diplomaand post graduate diploma coursesare offered by IIBI which includesa specific Takaful module.

SukukCIMA Courses are available atdifferent levels covering certificates,a diploma and an advanced diploma,including a specific certificate in IslamicCapital Markets and Instruments.

IIBI The IIBI hosts an annual Sukukconference covering innovativestructures in Sukuk.



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Postgraduate ResearchAn increasing number of UK-baseduniversities offer Islamic studies aspart of their curriculum, generallyin the areas of Law, Islamic studies

(religion and civilisation), andEconomics. Islamic finance is typicallyoffered as a module within thebusiness schools and not as anindividual programme.

The most well known for offeringIslamic finance is the University ofDurham (School of Governmentand International Affairs) who alsoconducts a summer school and hasmany doctoral students in the field.

In addition, both Oxford andCambridge offer Islamic Studies,although this is more in the field oflaw and politics than in finance.The School for Oriental and AfricanStudies offers a variety of Islamicfinance related courses at all levels,although their focus is, again, moreon law. However, the breath of theprogramme appears suitable forthose aiming to become, for example,

an in-house Sharia expert.

Reading (ICMA Centre at the HenleyBusiness School), Westminster,Newcastle and the University of EastLondon are among the universitiesoffering Islamic law.

The ICMA Centre at the HenleyBusiness School (University ofReading) offers a Masters levelprogramme in conjunction withINCEIF of Malaysia.

Islamic Finance for AccountantsCIMA Courses are available atdifferent levels covering certificates,a diploma and an advanced diploma,including a specific certificate inaccounting for Islamic financialinstitutions.

Islamic Scholar DevelopmentThe Islamic Finance Council (IFC)in co-operation with the CISI hasdeveloped a Scholar CPD Programmedesigned to enhance theircomparative understanding ofconventional versus Islamic finance.

For more information please visit:Chartered Institute for Securities& Investment (CISI):www.cisi.org

Chartered Institute of ManagementAccountants (CIMA):www.cimaglobal.com

Institute of Islamic Bankingand Insurance (IIBI):www.islamic-banking.com

IFS School of Finance:www.ifslearning.ac.uk

Durham UniversitySchool of Governments& International Affairs:www.dur.ac.uk/sgia

Centre for Islamic Economics& Finance:www.dur.ac.uk/dcief

The School for Oriental and AfricanStudies, University of London:www.soas.ac.uk

ICMA Centre, Henley Business School:www.icmacentre.ac.uk

The Islamic Finance Council UK (IFC):www.ukifc.com

UK Islamic Finance Secretariat(UKIFS)The UK Islamic Finance Secretariat(UKIFS) brings togethergovernment and industry to

jointly promote the UK as a globalgateway for Islamic finance. Thekey objectives of UKIFS are toco-ordinate and promote thedevelopment of Islamic finance inthe UK and to act as the primarycontact point for UK Governmentbodies including UK Trade &Investment, HM Treasury andthe Regulator.

In achieving these objectives, UKIFSoperates four practitioner-ledinterest/working groups that conveneregularly to drive the developmentand delivery of strategic goals:

Islamic Financial Institutions Chaired by Bank of London andthe Middle East

Accountancy, Taxation & Regulation Chaired by KPMG

Education, Training & Qualifications(ETQ) Chaired by CISI

Commercial Real Estate Chairedby King & Spalding LLP

Legal Chaired by Dentons

With over 2,000 registeredindividuals and organisations,UKIFS is today the leadingcross-sectoral body assistingthe promotion and development

of Islamic finance in the UK.

UKIFS is part of TheCityUK. Forfurther information please visit:www.thecityuk.com



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Business Profiles

Education and Training

With world class academicinstitutions offering a rangeof specialist courses andqualications in Islamic

nance, the UK is a globalleading provider of sectorspecic education and research.


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Aston Business SchoolAston Business School, at Aston University in Birmingham,

has provided courses in Islamic nance at postgraduatelevel since 2010, alongside an active research programme.

As the second city, the location of the head ofces ofThe Islamic Bank of Britain and one of Britains largest

Muslim communities, Birmingham is well positioned as anemerging regional centre of excellence for Islamic nance

practice and expertise in the UK.

Aston University has a strong tradition

of teaching excellence and theapplication of research to the needs ofcommerce, industry and government.This practical approach and focus onrelevance is clearly reflected in theIslamic finance provision at AstonBusiness School. Theory and principleare embedded in current practice andstudents develop the skills of criticalthinking and analysis which areessential for the growing and evolvingcontext of Islamic finance in the UKtoday. They are supported in thisthrough the study of specialist Islamicfinance, banking, economics, law, andArabic language, alongside teachingin conventional UK finance industrypractice. Courses are designed toprovide students with the skills theyneed to return to work in financialorganisations, and can also offer aroute to further study and research,with the opportunity to join the

growing body of academic expertsin the field.

Highly ranked for the employabilityof its graduates, Aston Universityseeks to develop future leadersin business and the professions.A cornerstone of the Universitysstrategy is to maintain itsresponsiveness to the needs ofa changing world.

The University recognises that

knowledge of Islamic financeinstruments, banking practices andrisk management issues is not onlyimportant for those who seek tobecome specialists in the area, butalso for the wider finance industry inthe UK and worldwide. Future plans atthe University include the expansionof provision to include Undergraduateas well as Postgraduate studies,through introduction of an Islamicfinance strand across all financeprogrammes in Aston Business School.Consideration is also being givento the development of open coursesfor those who wish to increase theirknowledge without the commitmentof studying for a full degree.

Students who join the highly diverseand international community atAston University will study on a greencampus at the edge of Birminghamcity centre, close to amenities andyet set in a welcoming and secureenvironment. Astons 10,000 studentsbenefit from all that Birminghamoffers the overall student populationof 65,000 in a vibrant and friendly city.

Contacts

www1.aston.ac.uk/absGeneral enquiries:T: +44 (0)121 204 3000



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Bangor Business SchoolAs the rst in the UK to introduce an MBA in Banking and Finance,

Bangor Business School at Bangor University is a progressiveinstitution dedicated to academic excellence. It has long held astrong international reputation in the study of banking and nance,and was rated no.1 in the UK for Accounting, Banking and Financeresearch in the Governments most recent Research Assessment

Exercise (RAE).

Students are attracted to Bangor by

its reputation for high quality andexpertise, particularly in the area ofBanking and Financial Services, inwhich it is a leading European centre.

Bangor Business Schools MSc, MAand MBA programmes in IslamicBanking and Finance offer anopportunity to study the structure ofIslamic banking and finance, includingits theoretical foundations, products,performance, financial instruments

and risk management issues. Theseand other topics will be studied withinthe wider context of the banking andfinance industry worldwide.

The MSc is suitable for candidateswith some previous background inmathematics, statistics oreconometrics, while the MA is suitablefor candidates who prefer a lessquantitative approach to their studies.The MBA aims to develop executives

who will progress quickly to seniormanagement positions in financialinstitutions that transact businesson Islamic principles.

The main aim of these full-time

programmes is to introduce a muchstronger practical emphasis focussingon strategic, corporate and financialmanagement of what is by now thepreferred way of banking for one fifthof the worlds population. Students willenjoy a mix of both theoretical andpractical elements coveringcontemporary developments in thebanking and financial field. Staff atBangor are active researchers, whichmeans that students are taught byacademics who are pushing thefrontiers of research.

Bangor Business SchoolLondon CentreFor applicants who wish to live andstudy in London, Bangor BusinessSchool also delivers its MSc, MA andMBA programmes in Islamic Bankingand Finance from its premises inLondon. Based in Broadgate Tower inthe heart of the citys financial district,students are taught by the sameexperts who deliver the programmesat the Bangor (Wales) campus,ensuring the same high qualityteaching for which the main BangorUniversity campus is renowned.

Scholarships

Bangor Business School offersscholarships worth up to 5,000,while applicants to the London Centremay apply for a scholarship worth upto 10,000. In addition, all applicantsto the London Centre will beautomatically considered for a 2,000bursary. International students mayalso be eligible to apply for fundingfrom the Universitys InternationalEducation Centre.

Contactswww.bangor.ac.uk/businesswww.bangor.ac.uk/londonbusiness

Bangor Business School(Bangor campus)

E: [email protected]: +44 (0)1248 383023



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Cambridge Judge Business School,University of CambridgeCambridge Judge Business School Executive Education

programmes are designed for organisations, businessprofessionals, managers, leaders, and executives from manydifferent functions who strive for professional and personalgrowth. Programmes are developed to help executives andorganisations from both the private and the public sectorsachieve operational excellence and results.

The diverse educational and

professional backgrounds of leadingCambridge faculty and internationalparticipants enrich the learning andmake this an unforgettableexperience. Our Executive Educationprogrammes attract top qualityparticipants from around the worldand across industries and businesssectors who are seeking challenging,academically rigorous, yet practicalexecutive development programmes.

Leveraging the power of academiafor real world impactCambridge Judge Business Schoolis in the business of transformation of individuals, of organisations andsociety. What does that mean inpractice? It means we work with everystudent and organisation at a deeplevel, identifying important problemsand questions, challenging andcoaching people to find answers, andcreating new knowledge. It means webring forward the latest thinking fromacademia and professional practice,and apply our combined knowledgeto specific business situations to turnit into action. This combination of thelatest thinking from academia andprofessional practice, in turn, enablesus to develop greater knowledge andbetter methods in order to have animpact on the world in which we liveand work.

Islamic Finance Executive

Programme: EstablishingLeadership & CompetitiveAdvantageIn todays changing global economic,financial and business environment,Islamic finance is an area that has seenrapid growth.

The financial crisis only served tofurther focus attention on Islamicinstitutions, which weathered the crisismuch better than their conventional

equivalents. Islamic banks are fastbecoming extremely importantplayers in the global financial industry,not only because their assets havenow exceeded US$1.7 trillion, but alsobecause these banks provide uniquefinancial services that cater to theneeds of a growing segment ofinvestors and credit seekers in manyparts of the world.

This two-day programme seeks to

expose participants to the essentialdynamics of competing in the Islamicfinance environment. During theprogramme participants will learnhow to take a structured and strategicapproach to understandingcompetitive dynamics in Islamicfinance and banking, and identify themyriad of business opportunities andchallenges that lie in this field. Throughcase studies and contemporary

examples, they will learn about thedrivers of more effective corporateleadership environments andstrategies in this sphere.

Contacts

www.jbs.cam.ac.uk/execed/open/islamicfinance.html

Professor Christoph Loch, Director

E: [email protected]

Dr Kamal Munir, Reader in Strategyand Policy


Dr Khaled Soufani, Senior TeachingFaculty in Finance




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The Centre for Islamic Financeat The University of Bolton

In his inaugural lecture to launch The Centre for IslamicFinance at the University of Bolton, HE Dr Ahmed Ali,President of the Islamic Development Bank said: I amhighly condent that the establishment of this Centre willboost innovation, research and ultimately give benet tosociety by the greater understanding of Islamic nance.

Established in 2012, the Centre offers

the opportunity for specialistpostgraduate study and expertisein Islamic finance. The Centre worksin collaboration with other financialand academic institutions to increaseunderstanding of this importantsubject through teaching and research.Welcoming the establishment of theCentre, the Universitys Vice-Chancellor,Dr George Holmes said, as a young,dynamic and fast-growing University,which is passionate and proud aboutprofession-driven higher education,I am delighted that the Centre isjoining our family of world-leadingresearch centres.

Bolton is a famously friendly townsituated close to the big cities ofManchester and Liverpool. TheUniversity, whose roots in educationdate back to 1824, has a long andproud tradition of delivering academicqualifications alongside soundpractical experience, both in theUK and around the world. With oneof the largest percentages of Muslimstudents in the UK, the Universityembraces diversity and valuesdifference. It prides itself on stayingabreast of social, cultural andeconomic change and reflectingthis in its courses and work withpartners. This combination ofinnovation, inclusivity and a

willingness to look beyond thetraditional boundaries of theUniversity makes it the ideal homefor the Centre for Islamic Finance.

The Centre offers doctorate-level

research programmes and Masterof Philosophy courses. Accreditationhas just been awarded for a jointMA with the University of Sarajevo,Bosnia Herzegovina.

The Centres Chairman ProfessorMohammed Kayed Abdel-Haq hasa wealth of practical and professionalexperience in the industry. The authorof a book on Islamic finance, he isthe founding member of a London

merchant bank. Prior to thatMohammed was Managing Directorand Global Head of HSBC AmanahPrivate Banking, where his team wereEuromoney Global Award winners forthree consecutive years. Mohammedis a member of the Council of ChathamHouse and serves on the GovernmentsIslamic Finance Task Force.

Professor Abdel-Haq has been joinedon the Board of Directors by Lord

Lamont, former Chancellor of theExchequer, and the Universitys ViceChancellor, Dr George Holmes, himselfan economist. Further, the Centreis honoured to have The Earl ofSt Andrews as its Patron. The Board ofDirectors work in conjunction with theInternational Advisory Board, whichincludes some of the most acclaimedand respected practitioners in Islamicfinance from around the world.

Contacts

www.bolton.ac.uk/islamicfinanceProfessor MohammedKayed Abdel-HaqE: [email protected]

Dr Gill Green, Director of StudiesE: [email protected]

Fozia UddinE: [email protected]

Khadija TilyE: [email protected]



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Centre of Excellence for ProfessionalTraining in Islamic FinanceCardiff Metropolitan University & Islamic Banking and

Finance Centre UK are working in partnership to addressthe educational and training needs of professionalsand institutions across the globe. Together we specialisein courses that are both career orientated and designedin conjunction with business and industry.

Cardiff Metropolitan University is

a premier provider of vocationaleducation and professional trainingwith a strong international profile.International students come to CardiffMet from over 125 countries andrepresent some ten per cent of thestudent population. The Universityoffers international programmesthrough international collaborativeagreements and maintains its qualitystandards with rigorous quality controlprocesses. Cardiff Met provideseducation and training opportunitiesthat are accessible, flexible and ofthe highest quality, and has beenindependently acclaimed for its highacademic standards and for its highlevel of student satisfaction. For thelast four years Cardiff MetropolitanUniversity has been ranked as overalltop in the UK for International studentsatisfaction (source: i-graduate).

Islamic Banking and Finance CentreUK (IBFC UK) is one of the leadingconsultancy and training providersfor Islamic finance in the UK offeringknowledge and expertise through highquality training, product structuringand development, Sharia complianceadvice and consultancy to financialinstitutions, executives andprofessionals worldwide.

Working with its partners and

associates in other parts of Europe,Africa, Middle East and South EastAsia, IBFC UK training, advice andconsultancy packages are basedon the overall holistic approach andunderstanding of Islamic Bankingand Finance principles, primarilyfocusing on the needs of our clients.Currently courses are being offeredto the executives and professionalsin the financial sector, public andprivate banks, insurance companies,central banks, regulators and otherfinancial institutions.

We offer a range of innovativequalifications and trainingprogrammes to develop the humancapital of the financial sector andwiden career choices in banking andfinance through Islamic finance. Theseinclude an MSc Financial Management(Islamic Finance), a newly validatedcourse within a suite of MSc Financeprogrammes at Cardiff Met, as wellas a pathway in Islamic financethrough the MBA.

Our short courses and trainingprogrammes are offered throughthe Islamic Finance ExecutiveProgramme Series, which aredeveloped specifically forprofessionals in the financial sector.

Key course

MSc Financial Management(Islamic Finance)

Short executive training courses

Basics and Fundamentals

Accounting and Governance

Islamic Capital Markets

Regulation, Supervisionand Taxation

Law

Retail Banking and Insurance

Investment Banking

Anti Money-Laundering andCorporate Governance

Contactswww.cardiffmet.ac.uk

Chris ParryE: [email protected]: +44 (0)29 2041 6378

www.ibfc.eu

Akmal HanukE: [email protected]: +44 (0)29 2048 7667 ext 220



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ISRA-IRTI-DIFP, Strategic

Roundtable Discussion in IslamicFinance; annually organized since2011 with the aim of discussing theemerging issues in Islamic financewith the participations of variousstakeholders in Durham, KualaLumpur and Jeddah in alternateyears.

As we constantly respond to globaldevelopments in Islamic finance andbuild on our high-quality reputation,

we see our progress in the provisionof education and first class researchgoing from strength to strength.

Dr Mehmet Asutay

Contactswww.durham.ac.uk/dcief

T: +44 (0)191 334 5066

Dr Mehmet AsutayDirector, Durham Islamic FinanceProgrammeE: [email protected]

DIFP aims to:

maintain its position as a leadingprovider of world-class research,education and training in Islamiceconomics and finance;

provide a platform from whicha vibrant research environmentspecializing in Islamic finance relatedresearch can be developed andsustained.

DIFP offers the following programmes:

MSc Islamic Finance

MSc Islamic Finance andManagement

Being the strongest taughtprogrammes in Islamic finance in theworld, these programmes aredesigned to provide rigorous trainingat the frontier of research, as well asthe advanced analytical and technicalskills that are highly sought after by

global employers. They aim to developan advanced understanding of thecomplexity of Islamic finance,economics and managementincluding its moral, legal andregulatory framework and Shariacompliancy process. Bothprogrammes reputation is evidencedfrom the increasing numbers ofstudents from one year to another.

Ph.D by Research in Islamic

Finance and Economics at theDurham Doctoral Training Centrein Islamic FinanceDurham University Business Schoolis the ideal place to study for PhD inIslamic economics and finance related

subject areas. Our expertise,

innovative approach and academicrigour ensure relevance for todaysand tomorrows business andacademic world.

Durham Doctoral Training Centrein Islamic Finance provides a dynamicapproach to developing cutting edgeresearch in Islamic finance, banking,economics and management, asevidenced by the large numbers ofPhD studies conducted at the Centre.

The Durham Islamic FinanceSummer School (DIFSS)As an annual, intensive five-dayprogramme, DIFSS has provided aunique training and educationprogramme in Islamic finance since2006 with increasing success; 90participants from all over the worldattended in July 2013. It is intendedfor financiers, bankers, professionalresearchers and academic

researchers. The sessions at the DIFSSare provided by leading professionalsand experts with immense experiencein the sector.

International CollaborationsDIFP has established internationalcollaborative research and trainingprogrammes, conferences andseminars, including the following:

DIFP-Kyoto University International

Workshop on New Horizons inIslamic Economics and Finance;annual joint workshop programmeorganized since 2007 in Kyoto andDurham in alternate years;

Durham Islamic Finance ProgrammesDurham Islamic Finance Programme (DIFP) has

maintained a world-class reputation as a research,education and training centre in Islamic economics,

Islamic nance and banking, and Islamic managementfor over 25 years.



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The ICMA Centre at theHenley Business School

Situated in the Thames Valley, the University of Readingis only a 35-minute train journey west of London. Throughthe ICMA Centre, part of the Henley Business School, theUniversity of Reading has taken a leading role in Islamic

nance education and research. The ICMA Centre offersan MSc programme in Investment Banking and Islamic

Finance, a PhD programme and executive education.

MSc Programme

In 2008, the ICMA Centre introducedits MSc in Investment Banking andIslamic Finance (MSc IBIF), incollaboration with the InternationalCentre for Education in IslamicFinance (INCEIF), a university-levelinstitution in Kuala Lumpur, Malaysia,offering both degree and professionalprogrammes.

Thanks to the collaboration withINCEIF and other contacts in the world

of Islamic finance, more than a thirdof the total credits in the MSc IBIF areprovided by Islamic finance courses,taught by internationallyacknowledged experts.

PhD programmeThe PhD programme at the ICMACentre is intended for high calibrestudents with a relevant Mastersdegree. It is a full-time, three-yearprogramme, incorporating a first

year in which students take coursesin research methods and may takeMSc courses that are relevant to theirresearch topic. Many of the PhDstudents are employed as teachingassistants. Topics currently beingresearched by PhD students includethe corporate governance of Islamicfinancial institutions and a nationalrisk management programme formanaging sovereign assets, with

particular reference to Saudi Arabia.

Executive Education

The ICMA Centre has developed aprogramme of executive educationin the fundamentals of Islamic financein conjunction with the Institut deFormation Bancaire de Luxembourg.

Research by membersof academic staffMembers of academic staff whoteach Islamic finance have ongoingresearch activities in the field and havepublished their work (totalling more

than 20 publications) in peer reviewedjournals and edited volumes. Workcarried out as consultants for theIslamic Financial Services Board andthe International Islamic LiquidityManagement Corporation hasprovided an additional dimensionto this research.

Research PublicationsJohn Board is Dean of the HenleyBusiness School and Professor of

Finance. Simon Archer, Rifaat AhmedAbdel Karim and Volker Nienhaus areVisiting Professors at the ICMA Centre.Between them, they have edited threemajor books on Islamic finance as wellas publishing numerous papers inacademic journals and chaptersin books, including the following:

Simon Archer and Rifaat AhmedAbdel Karim (eds.) Islamic Finance:the Regulatory Challenge, [Singapore:

John Wiley (Asia) Pte Ltd, 2007].

Simon Archer, Rifaat Ahmed Abdel

Karim and Volker Nienhaus (eds.)Takaful Islamic Insurance: Conceptsand Regulatory Issues, [Singapore:John Wiley (Asia) Pte Ltd, 2009].

Simon Archer and Rifaat AhmedAbdel Karim (eds.) Islamic Finance:the New Regulatory Challenge,[Singapore: John Wiley (Asia)Pte Ltd, 2013].

Contactswww.icmacentre.ac.uk

General enquiries:ICMA CentreHenley Business SchoolUniversity of ReadingWhiteknightsReading RG6 6BAE: [email protected]: +44 (0)118 378 8239

Admission enquiries:

Matt GossE: [email protected]: +44 (0)118 378 5269



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Candidates are advised to spend

around 130 hours studying for theexamination, and non-Muslimcandidates with no experienceof Islamic finance are stronglyrecommended to attend a face-to-facetraining session. The CISI has a globalnetwork of Accredited TrainingProviders in place and these canbe viewed via the CISI website:cisi.org/atp

The pass mark is 70 per cent and

around 70 per cent of candidates pass.Details of CISI examination/studymaterial fees can be found at cisi.org/pricelist Candidates seeking a trainingcourse are advised to contact anAccredited Training Provider fordetails of fees and dates.

Contactscisi.org/ifq

E: [email protected]: +44 (0)20 7645 0600

The CISIs Islamic Finance

Qualification (IFQ) is designed tosupport this growth, givingnewcomers to the industry a broadand practical overview of Islamicfinance. The IFQ is a joint initiative withLcole Suprieure des Affaires in theLebanon and from the outside hasbeen positioned globally. The IFQ isa stand-alone qualification coveringthe subject from both a technicaland Sharia perspective it teachescandidates the role of Sharia in Islamicfinance and the ethics that underpincontracts. This qualification helpsgive candidates a solid and accurateknowledge of the products andservices that they need to practice.

The IFQ was established in 2005following discussions with theBanque du Liban (BDL). Today theIFQ is a leading global benchmarkqualification, available in Arabic aswell as English and taken in over 40countries. The ongoing developmentof the IFQ is overseen by the AdvisoryCouncil for Islamic Finance whocontribute to the review of all areasof the qualification from theunderpinning syllabus to the studytext and the examination itself.

In 2013 the fifth edition was published;

this confirms the substantialcommitment to constantly evolveit in line with developments in thearea. The qualification has receivedadditional accreditation from theFinance Accreditation Agencyin Malaysia. A French edition will beavailable in the future.

The IFQ is tested in one two-hour 100multiple choice question examinationcovering the basics of Islamic banking

and finance: the Islamic law ofcontracts; the major contracts ofMudaraba, Murabaha, Musharaka,Ijara, Salam and Istisna; financialstatements for Islamic banks; Islamiccorporate governance; Islamic assetand fund management; Sukuk andTakaful. The examination is taken viacomputer-based testing (CBT), makingit a portable qualification that canbe studied and the exam taken virtually anywhere in the world.The CISI offers a comprehensive studymanual and e-learning package.

The Islamic Finance Qualification (IFQ)Islamic nance has grown rapidly in recent years despite

turmoil in the nancial services industry. As more peoplehave become interested in this innovative area both thetotal assets under management and the number of

nancial institutions have grown. Although concentratedin the Middle East and South East Asia, growth is alsostrong in Europe, the United States and Africa.



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London School of Business and FinanceSituated in the heart of Londons nancial district, London School

of Business and Finance (LSBF) offers industry-focused coursesthat reect global market trends. With a global approach towardsbusiness education, LSBF prides itself on being at the forefrontof Islamic nance in the UK, providing a range of qualications,and hosting various seminars and conferences.

Advanced Certificate in Islamic

Banking and Asset ManagementInvestment asset management isparamount to the investment classesavailable within Islamic finance. Thiscourse will teach the competenciesthat fund managers and portfolioinvestment managers in this fieldrequire; students will learn how toensure that all financial activitiesare carried out in accordance withSharia principles, in addition tothe best practices established bygoverning bodies.

This two-week course is taught bySahar Ata, a seasoned Islamic bankingexpert with over 20 years ofexperience in the sector. CIM andCIFA certified, Ms Ata has workeddomestically and internationally withsome of the worlds biggest banks,including leadership roles atprominent establishments such asBarclays PLC. Her breadth of expertisefeeds directly into this programme,and ensures that students receivethe most relevant, real-worldunderstanding of Islamic banking.

Online MSc in Islamic Finance

and BankingThe MSc in Islamic Finance andBanking offers a practical insight intothe workings of the Islamic system ofbanking, and explores the underlyingrelationships that this unique sectorfosters. Students will focus on fourcore finance modules, and bolsterthis knowledge with two specialistmodules: Fundamentals of IslamicBanking and Islamic PortfolioManagement.

This Masters course is deliveredentirely online through InterActive,an award-winning e-learning platformwith more than 15,000 studentsworldwide. With HD-recorded lecturesand notes, as well as tutor support,it provides complete flexibility forstudents who wish to fit their learningaround other commitments.

MSc Finance and Investment

Islamic Finance & BankingSpecialisationEnter this increasingly relevant area offinance with the skills and knowledgenecessary to carry out vital Islamicfinance operations. Starting with theessentials how do Islamic banksdiffer from more traditionalinstitutions? students will exploretrends in Islamic portfoliomanagement, the inner workings ofIslamic banking operations, and more.

Upon completion of the course,students will receive career advicefrom LSBFs expert staff and globalcorporate partners.

Contactswww.lsbf.org.uk

E: [email protected]: +44 (0)20 7823 2303



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Newcastle University Business SchoolIslamic Finance and Law StudiesThe shift in global economic and nancial power away from developedand mainstream nancial markets has led to interest in alternative cultureand concepts of nance. Islamic nance is a force to be reckoned with andthe UK has developed as a leading centre of expertise as governments andmainstream nancial institutions look to Islamic nance as an alternativeroute to capital raising, business, and personal nance.

Newcastle University Business

Schools Finance and Law with IslamicFinance MSc programme has beencreated in response to this growinginterest in Islamic finance, both in theUK and internationally. It is driven bythe need for an advanced programmethat develops understanding ofcultural, behavioural and legal issuesin finance, as well as the technicalqualitative aspects of finance.

The programme aims to provide

students with a broad understandingof financial theory, law and regulation(within a non-Islamic context), whileoffering students the opportunityto develop a better understandingof how Islamic finance differs fromthe traditional banking and financemodels on offer.

The Business Schools MSc is runin partnership with the NewcastleLaw School. The Finance and Law with

Islamic Finance MSc introduces howIslamic banking represents a differentmodel for banking and finance thatis seen to eliminate the practices thatappear to have contributed to thecurrent economic climate.

The programme builds on the Schools

established research strengthsin economics and finance and theLaw Schools strengths in financialregulation and financial law, as wellas expertise in the culture of finance.

The programme is particularly suitedto candidates interested in pursuinga career in:

The rapidly growing worldwideIslamic finance industry, eitherin an Islamic financial institutionor a mainstream conventionalfinancial institution which offersSharia compliant productsand services;

Financial regulation with a nationalor supranational financial regulator;

Government ministries of financeor financial regulatory agenciesin a country with an emergingIslamic finance industry;

Regulatory consultancy.

Contacts

www.ncl.ac.ukE: [email protected]: +44 (0)191 208 1500



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The Oxford Centre for Islamic StudiesThe Oxford Centre for Islamic Studies, granted a Royal Charter

in 2012, has developed academic cooperation with partners,including the Securities Commission, Malaysia, designed toencourage and promote the development of Islamic nanceworldwide. It supports research and development through a

joint Scholar in Residence Programme and regular conferencesand other initiatives to encourage focussed exchange betweenacademics and practitioners.

The Oxford Centre for Islamic Studies

is a Recognised Independent Centreof the University of Oxford. It wasestablished in 1985. Its patron is ThePrince of Wales. Its role is toencourage, through learning andscholarship, a better understandingof the culture and civilisation of Islamand of contemporary Muslim societiesworldwide. As well as supporting thework of its resident and visiting fellows,the Centre welcomes opportunities toinitiate and join with other institutionsin sponsoring programmes ofresearch on the Islamic world in allits aspects. Islamic finance is a keyresearch interest of the Centre.

The Centre organises annualconferences on Islamic finance incooperation with the SecuritiesCommission, Malaysia. These takeplace alternately in Kuala Lumpur andin Oxford. The objective is to bringtogether both academics andpractitioners to share experiences anddebate issues of current importance.Through these conferences the Centreaims to act as a catalyst in focussingattention on the key areas that needto be addressed to allow for thecontinued expansion of the Islamicfinance sector and to encouragedialogue and interchange betweenthose active in the banking industry,regulators and academic experts.

In 2012 the Centre and the Securities

Commission agreed to establish aVisiting Fellowship at the Centre in thefield of Islamic finance. This is awardedannually, following joint assessmentand interview, to a scholar orpractitioner who wishes to pursue apersonal programme of research in arelevant field. The Visiting Fellowshipis widely advertised and applicationsare invited from suitably qualifiedapplicants worldwide. Applicants mustbe specialists in Islamic finance and/ora closely related discipline preferablywith practical experience of policy-making with an international orcomparative component.

Applicants must be able todemonstrate competence to conductindependent academic research andwill be expected to work on a topic ofcontemporary relevance to the field.The tenure of the Fellowship is forone academic year, commencing inOctober each year. The Visiting Fellowenjoys membership of the OxfordCentre for Islamic Studies and fullaccess to its facilities, including officeaccommodation and technicalsupport and is encouraged to play afull part in the Centres academic andsocial activities. Access is facilitatedto libraries and academic colleagues.A grant of 10,000 is payable tocontribute to living, travel and

research expenses.

Contacts

www.oxcis.ac.ukE: [email protected]: +44 (0)1865 278730



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Dr Gaffar Khalid

Islamic Finance Centre Director, UELE: [email protected]

Dr Khalid has an extensive experienceof Islamic Banking and Finance, as wellas Islamic Microfinance. Prior to

joining RDBS, Dr Khalid was the senioradvisor of Islamic Microfinance at theWorld Banks funded project in Sudan.Before that he was advisor on IslamicFinance to his Excellency the Governorof Central Bank of Sudan. He alsoworked at the Abu Dhabi Universityand helped to establish and MBA andMSc in Islamic Banking and Finance.

Contactswww.uel.ac.uk/business/research/islamic-centre

The School is also recognised for its

cutting-edge programmes in finance,sports, events, hospitality andmanagement. In transforming thestudent experience, we areconsistently ranked as a leadingbusiness school in London.

ResearchResearch at RDBS reflects our valuesand vision to be an enterprising,international university bringingtransformational opportunities

to individuals, communities andbusinesses in our region.

The Centre for Islamic Banking andFinance at RDBS, Director Dr GaffarKhalid, provides a forum for research,training and dialogue on industrypractices concerning Islamic financeand banking. The Centre also servesas a bridge in terms of examining bestpractices in banking and financeby proffering studies that compare

conventional and Islamic practices.In modern economies, financinghas long become a dynamic devicein attaining growth in developedand developing countries. Islamicfinance is among the fastest growingcomponents of Internationalfinance under debt and equity based mechanisms.

Our students can become certified in

Islamic banking and finance throughonline and face-to-face training.Importantly also, we have an MScin Islamic Banking and Finance.

Key ContactsProfessor Nora ColtonDean of the Royal DocksBusiness School, UEL


Since taking the position of Dean,

Professor Nora Colton has led ona number of initiatives to enhancestudent experience, improve theunderstanding of Islamic Finance anddevelop relationships with traditionalbanking systems. She publishesactively and has developedpartnerships with outstandinginstitutions throughout Asia. Norais a specialist on Middle EasternEconomies, speaks Arabic and hasconducted fieldwork in Egypt, Jordan,Syria, Lebanon and Yemen.

Professor Colton was a strongmember of the IF APG Fringe Meetingspanels at the three party politicalconferences last Autumn, titled EthicalBanking focus on Islamic Finance.

University of East LondonsRoyal Docks Business SchoolThe University of East Londons Royal Docks Business

School (RDBS) is a leader in global business education.RDBS is known locally and internationally for its researchand excellence in entrepreneurship, nance, diversity,

Islamic Finance and business and we support a numberof leading research centres in these areas.



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Business Profiles

Banking

More than 20 internationalbanks operating in the UK areworking in Islamic nance.

Six of these are fully Shariacompliant, more than anyother country in Europe.


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ABC International Bank plcIslamic Financial ServicesThe Arab Banking Corporation (ABC) has a long and verysuccessful history in Islamic banking both in Bahrain,where it is headquartered, and in London through itssubsidiary, ABC International Bank plc.

IFS has long been at the forefront of

the development of Islamic financein London, and it is a natural fit for abank such as ABC to play a key role inthe development of Islamic financeglobally. A key member of UKGovernments working group, theBank has been able to provideinvaluable advice and guidance to helpthe City of London establish itself asa place where Islamic finance can bepractised and where competitivelypriced and flexible banking productscan be provided on a level playing fieldwith their conventional counterparts.

Contactswww.arabbanking.com

Faisal Alshowaikh, Head of IslamicFinancial Services


T: +44 (0)20 7776 4186

In London, Islamic Financial Services

(IFS) is one of the Banks core businesslines providing Islamic bankingsolutions to our UK, Arab world andEuropean customers, financing nicheopportunities focused on real estate,leasing, corporate, trade finance andtreasury activities.

Recently, the business has gone fromstrength to strength, being able toleverage off the ABC Groups strongbalance sheet and wide footprint in

the Arab world and MENA region. Thisenabled IFS to originate, structure anddistribute in excess of US$700 millionof Islamic finance transactions in 2012including more than US$500 million ofreal estate projects, putting IFS at theforefront of Islamic finance in London.

The most notable transaction in 2012was the financing of Kings ReachTower (now renamed South BankTower) which won the Euromoney

Real Estate Deal of the year for 2012.This transaction involved thearranging and structuring of a Shariacompliant senior finance packagetotalling 100 million and involvinga club of four banks. The facility is

helping to fund the conversion of

a redundant office tower to 191 highquality apartments with panoramicviews across the river Thames andLondon in a joint venture betweena Saudi-based Islamic investmentcompany and a London-basedproperty developer.

In addition to real estate, IFS offersSharia compliant solutions acrossthe Banks product range coveringTreasury, Project and Structured

Finance and Trade Finance. Thisincluded working closely with theBanks Turkish office so that out ofLondon, the Bank was able to arrange,distribute and fund more thanUS$200 million of Turkish assets,helping companies in Turkey accessIslamic finance and fund their businessin a Sharia compliant way.



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Abu Dhabi Islamic Bank (ADIB)Abu Dhabi Islamic Bank (ADIB) was established in 1997

as a Public Joint Stock Company with its headquartersin Abu Dhabi, United Arab Emirates. ADIB is listedin the Abu Dhabi Securities market and operates underthe supervision and the regulatory framework of theUAE Central Bank. ADIBs mission is to offer Islamic

nancial solutions for the global community.

ADIB UK provides convenient and

valuable banking services througha dedicated 24-hours-a-day contactcentre and relationship managerswho give personal and professionalattention to customersfinancial needs.

Contactswww.adib.aewww.adib.co.uk

T (UK): +44 (0)20 75902200T (UAE): +971 (0)2 6100 600

The Bank carries out all contracts,

operations and transactions inaccordance with Islamic Shariaprinciples. ADIBs core values,reflected in all its activities are: Simpleand Sensible; Transparent; MutualBenefit; Hospitality and Tolerance;and Sharia inspired. It brings to itscustomers banking as it should be.

ADIB has become a pillar of Islamicbanking in the UAE and globally.The banks achievements and

contributions to Islamic finance havebeen recognized through awards andinternational honors including theBest Overall Islamic Bank awardfrom Islamic Finance News and BestIslamic Bank in the Middle East byBanker FT. In addition to that, ADIBcustomer services receive a number 1rating from Ethos Consultancy.

ADIB is one of the largest retail banksin the UAE with 80 branches and more

than 550 ATMs. ADIBs internationalpresence includes Egypt, Sudan, Iraq,Qatar, Saudi Arabia, and the UK.

ADIB UKADIB announced on May 2012 theexpansion of its global footprint byinitiating operations in London at theprestigious One Hyde Park atKnightsbridge. ADIB London wasinaugurated by HH Sheikh Khalid BinZayed Al Nahyan & HRH Prince

Andrew, The Duke of York. ADIB was

the first UAE-based Islamic financialinstitution to receive a bankingoperations license from the UKFinancial Services Authority and tooffer a full range of services to highnet-worth individuals. The Bank servesbusinesses and individuals in the UKas well as its clients from the UAEwhose interests are increasinglyinternational and who often chooseLondon as their base for businessand personal transactions. Throughits presence in the UK, ADIB is alsocommitted to contributing to theoverall development of the Islamicfinance Industry in the UK.

Products and ServicesADIB UK provides a variety ofproducts and services that aimsto make customers day-to-daybanking as rewarding as possible.Subject products include accountssuch as ADIB diamond current andsavings accounts.

ADIB UK offers solutions tailoredto provide Savings and Time Depositschoices, express transactionprocessing, real-estate financingarranged in the UAE for propertypurchases in London up to 3.5 millionand up to 70 per cent of propertyvalue, and property search andproperty management assistance.



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Citi: Leader in Global Islamic BankingCiti, the leading global bank, has approximately

200 million customer accounts and does business inmore than 160 countries and jurisdictions. Citi providesconsumers, corporations, governments and institutionswith a broad range of nancial products and services,including consumer banking and credit, corporate andinvestment banking, securities brokerage, transactionservices, and wealth management.

Contacts

www.citiislamic.comKarim SeifeddineCorporate CommunicationsE: [email protected]: +971 (0)4 509 9707

Citis Global Islamic Banking

operations were established in 1981 inLondon, and in 1996 Citi became thefirst international financial institutionto set up a separately capitalizedSharia-compliant subsidiary CitiIslamic Investment Bank in Bahrain.

Since its inception, Citi IslamicInvestment Bank (CIIB) has playeda pioneering and leading role in thedevelopment of Islamic financeglobally, having successfully arranged

several billion dollars of Islamictransactions for issuers in the MiddleEast, Asia, Europe and Latin America.

This includes the origination,structuring and distributionof numerous landmark Sukuk,syndications, project financings,Islamic advisory and investmentproducts. Today, the bank is aninnovator in this industry and one theleading bookrunners of international

Islamic finance transactions.CIIB has its own Sharia board,comprising world-renowned Islamicscholars who approve the structuresof transactions and documentation,ensuring widespread investoracceptability.

Selective industry recognitions

in recent years:Euromoney: Best Sukuk Deal,

Republic of Turkey Sukuk Islamic Finance Awards (2013)

Islamic Finance News (IFN)Awards: Syndicated Deal of the Year: Jebel

Ali Free Zone Syndicated FinancingFacility (2013)

Turkey Deal of the Year: Republicof Turkey Debut Sukuk (2013)

The Banker Magazine: Deals of the Year 2012:

Salik Toll Collection System(Category: Middle East IslamicFinance)

First Gulf Bank Wakala Sukuk(Category: Capital-Raising)

Investment Banking Awards 2011:Most Innovative IslamicInvestment Bank

Banker Middle East Magazine: Best International Bank Islamic

Business & Finance Awards (2012)



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European Islamic Investment Bank PlcEuropean Islamic Investment Bank Plc (EIIB)

is a London-based specialist banking and assetmanagement group. It is one of the largest independent

nancial institutions focused on the Gulf CooperationCouncil (GCC) countries with total assets of $250 millionand total client assets of over $1 billion. The group wasestablished in January 2005.

repositioned as the only London

headquartered specialist bankfocused on the GCC region. Afteradopting this strategy the Bank hasrapidly increased its client assets fromless that $10 million to over $1 billion.

EIIB is continuing to grow andtherefore seeking strategicpartnerships with like-mindedinstitutions to help diversify itsproduct range and strengthen itsregional presence. The Bank is

particularly interested to expand itsbusiness in the United Arab Emirates,Saudi Arabia and Qatar as well as GCCcountries and Malaysia.

Contactswww.eiib.co.uk

EIIB plcMilton Gate60 Chiswell StreetLondon EC1Y 4SAT: +44 (0)20 7847 9900

EIIB is listed on the AIM market of the

London Stock Exchange (EIIB: LSE)and is regulated in the UK by the Bankof England Prudential RegulationAuthority and the Financial ConductAuthority. EIIB is the first Shariacompliant investment bank to beauthorised in the UK. In addition,EIIB owns a controlling interest inRasmala Asset Management andoperates regulated subsidiaries in theUnited Arab Emirates, Saudi Arabia,Egypt and Oman.

EIIB is active in three businesses: assetmanagement, specialist banking andproprietary investing. The Banksapproach has been carefully tailoredto meet the requirements of itsinstitutional client base of pensionfunds, family offices, corporates,insurance companies, banks andother financial institutions. The grouphas a diverse shareholder base ofover 200 international and regionalinvestors, many of whom investalongside the group.

EIIB is strategically positioned tofacilitate trade and investmentbetween the GCC and the UK. The GCC

is an economic bloc with GDP of

approximately $1.5 trillion and a risingpower in emerging markets withoutstanding investment opportunities,given its young population and newdrive towards entrepreneurship.The growth in the GCC economyis a significant opportunity for EIIBto leverage its unique position as aUK bank with a regional footprint.

The group employs over 100 staff inthe UK, GCC and Egypt. The senior

management team has many years ofexperience in the Banks core marketsand is currently focused on launchinginnovative products in additionto strengthening EIIBs natural roleas a conduit between the GCC andLondon. The team is also committedto promoting EIIBs ethical bankingprinciples at a time when ethicalconsiderations are deemedincreasingly important byinstitutional investors.

The current Chief Executive, ZakHydari, was appointed in late 2011 witha mandate to build a market leading,specialist bank and asset manager.The business was subsequently



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Structured Finance

The Structured Finance Teamprovides attractive Sharia compliantreal estate backed subordinated debtSukuk and securitisation opportunitiesfor partner institutions.

Sharia AdvisoryGatehouse is in a unique position tooffer comprehensive Sharia servicesworking within the infrastructure ofan investment bank. The in-houseteam at Gatehouse provides essential

functions to assist in productstructuring, audit and complianceand documentation review accordingto Sharia law.

Gatehouse Bank plc strives to be atrusted investment partner to clients,bridging opportunities between Eastand West.

Contactswww.gatehousebank.com

Abdulaziz AlDuweesh, Head of WealthManagement, Gatehouse Bank plcT: +44 (0)20 7070 6000

Gatehouse Bank plc was founded in

2008 and has achieved full bankingoperations with divisions in RealEstate, Treasury, Wealth Management,and Sharia Advisory. To date, the Bankmanages US$1.7 billion real estateassets in the USA and United Kingdom.In December 2012, Gatehouse Bankplc issued its first real estate backedSukuk using an existing asset undermanagement. This was also the firstever real estate backed sterling Sukukal-Ijarah in the UK.

With its head office in London,Gatehouse Bank bridges the Islamichubs in the GCC and South East Asiathrough a representative office inKuala Lumpur, Malaysia and withthe help of its associate company,Global Securities House based inKuwait City, Kuwait.

What we doCombining international financial

market expertise with excellence inSharia Principles, Gatehouse Bank plcis in a unique position to engage withan international client base fromEurope, GCC and South East Asia,seeking safe haven assets anddiversification for their portfolios.

Gatehouse Bank plc provides solutionsfor clients wealth preservation needsthrough income producing real estateproducts. The Bank has maintained a

successful track record in real estateacquisitions and has profitablyrealised a number of investments.

Most recently achieving a 98 per cent

return on equity in an entitlement dealin San Francisco, California.

Real EstateGatehouse Bank has an experiencedreal estate and asset managementteam, with expertise in sourcing,structuring and advising on real estateinvestments. The team undertakesnecessary reporting functions andprovides a full suite of propertymanagement services. The Bank has

maintained a successful track recordin real estate acquisitions and hasprofitably realised a number ofinvestments both in the USA andUnited Kingdom.

Wealth ManagementGatehouse Bank provides wealthmanagement solutions by preservingand prudently growing clients wealth.The Wealth Management Teamprovide professional and institutional

clients with real estate investmentopportunities that improve the costefficiencies of managing assets. Thisincludes geographical real estateasset allocation and diversification,financing solutions, structuring andproprietary deal opportunities.

TreasuryProviding dedicated productsand services, the Treasury Teamengages in active asset and liability

management across a multitudeof Sharia compliant asset classes.

Gatehouse Bank plcGatehouse Bank plc is a wholesale Sharia compliant

investment bank based in the City of London, authorisedby the Prudential Regulation Authority and regulatedby the Financial Conduct Authority and the Prudential

Regulation Authority.



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HSBCSince the inception of its Islamic nance banking operations

in 1998, HSBC has been a pioneer in the Sharia compliantcapital markets industry. HSBC has developed particularexpertise and driven innovation in the structuring andissuance of Islamic bonds (Sukuk) and is one of the largestunderwriters of Sukuk globally.

The Bank has been involved in a series

of firsts in Islamic finance. Thesebegan in June 2002 with the firstglobal Sukuk issuance; a US$600million five year offering by theMalaysian Government for whichHSBC was the sole bookrunner. Thiswas followed in September 2003 bya US$700 million seven year Sukukoffered by the State of Qatar the firstglobal Sukuk by an issuer from theCo-operation Council for the ArabStates of the Gulf (GCC) region.

HSBC continued its pioneering workin Malaysia. In September 2006, theBank acted as a joint bookrunner andlead manager for a US$750 millionissue by Malaysian sovereign wealthfund Khazanah Nasional. The issuewas the first exchangeable globalSukuk to be offered in the market.In April 2007 HSBC arranged aUS$300 million subordinated Tier IISukuk issued by Maybank (Malaysiaslargest commercial bank), the first ofits kind to be offered globally.

2012 was a record-breaking year for

the global Sukuk market and HSBCwas involved in many of the mostnotable transactions. HSBC assistedTurkey in drafting its Sukuk law,enabling the sovereign to make itsentry into the global market. InSeptember 2012 the Republic ofTurkey issued a US$1.5 billion five-and-a-half year offering, for which HSBCacted as joint bookrunner and leadmanager. This was quickly followed byanother milestone in November whenHSBC acted as structuring advisorand joint bookrunner for Abu DhabiIslamic Banks pioneering issue of thefirst perpetual Sukuk. This US$1 billiontransaction was structured as a Tier 1hybrid capital issue and its successenabled other issuers to access theIslamic bank capital markets.

HSBC has carried this momentum into

2013 and landed another first acting asjoint bookrunner and lead manager forthe US$2 billion Sukuk offering by theSaudi Electric Company in March. TheSukuk, which has a maximum tenor of30 years, opened the door for issuersand investors globally to extend theirmaturity profiles and invest in long-dated Sharia compliant assets.

HSBCs industry-leading Islamiccapital markets offering has won

multiple awards for innovation andstructuring from renownedpublications such as Euromoney, IFR,EMEA Finance and The Banker.

Contactswww.hsbcamanah.com.mywww.hsbc.com.my



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We are keen to build out our Islamic

platform around clients demands inthis ever-changing business landscape,but with our firm-wide globalcapabilities a

Islamic Finance Excellence in UK

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