The outgoing UK Chancellor of the Exchequer, George Osborne stated London will continue as a major centre for Islamic finance, stating “In recent years the City of London has established itself as a global hub for renminbi, rupee, Islamic finance and green finance, as well as leading in new markets such as FinTech.” The incoming government appointed Alok Sharma MP as Parliamentary Under-Secretary ... »

HMRC Failed Tax Bid A recent tax case in which the UK Tax authorities (HMRC) failed in a legal bid to recover up to £50m in stamp duty demonstrates the complex nature of Islamic financial transactions. Three Court of Appeal judges decided that HMRC had pursued the wrong party for the tax. The purchaser, a firm owned by the Qatar Investment Authority, had used an Ijara structure to fund the purchas... »

Alternative Student Finance Solutions for UK Students To ensure participation and choice are open to all, the UK Government has introduced primary legislation which will, subject to Parliament, allow the Secretary of State to provide alternative student finance consistent with the principles of Islamic finance alongside loans and grants. The Government introduced primary legislation in May 2016 wh... »

The Bank recognises that Islamic banks are currently unable to use the Bank's existing liquidity facilities. In particular, the Sterling Monetary Framework is the mechanism by which the Bank sets interest rates, and interest-based facilities are not deemed Shari'ah compliant. »

The deals include the £77m acquisition of US multinational conglomerate 3M’s European headquarters in Bracknell and the £48.3m acquisition of the NHS National Services Division HQ in Edinburgh. »

Presenting at an Islamic Finance seminar organised by the Manchester Chamber of Commerce in association with the British Muslim Heritage Centre, Maisam Fazal of Al Rayan Bank, a fully fledged UK bank run in accordance with the principles of Sharia provided an overview of common Islamic finance transaction structures as well as outlining the banks growth plans into Europe. »

After opening its first office in Paris, NoorAssur announced it had plans to open around 20 other branches in France in 2016. Launched in 2012, NoorAssur had been offering Shariah-compliant products online. In the UK Gatehouse Bank and Cobalt Underwriting remain busy closing Sharia compliant deals. »

A report produced by Deloitte highlights Islamic capital market developments in Europe. Analysis and discussion are formed around building case study scenarios for four potential European countries. The report also includes perspectives of prominent industry thought leaders and practitioners who shared their insightful views on the discussed issues. »

The report summarises global trends in Islamic finance with a particular focus on the development of the UK market. »

The UK mid-market is a powerful driver of the economy. Often unfairly misrepresented, these firms make huge contributions to jobs and growth. Over the last 12 months the economic picture has continued to brighten despite flashpoints remaining. »