27 Oct 2008
The 2nd MCB Islamic Finance and Trade Conference is due to begin tomorrow at the Park Plaza Victoria. The two-day gathering will bring together key international investors and industry figures to discuss the potential and opportunities presented by Islamic and ethical finance in the current financial crisis.
`As the current financial crisis threatens to usher in a global recession, there is a growing recognition of the need to explore more robust forms of financial intermediation. Islamic finance, with its emphasis on asset backed transactions, offers one such prospect. The time is opportune for the UK to investigate how Islamic finance can contribute towards overcoming the many challenges posed by the current credit crunch,’ said Dr Muhammad Abdul Bari, Secretary-General of the Muslim Council of Britain.
The City of London has been at the forefront of many developments in Shari’ah-compliant financial products and continues to account for a substantial part of the wholesale Islamic finance syndication market. The City, with its unrivalled expertise in structuring customised financial transactions for a diverse range of clients, retains the lead in developing new and innovative instruments to meet the growing demand for Shari’ah compliant finance. Standard and Poor’s a rating agency believes that the Islamic Finance industry controls £2.5 trillion in assets and continues to grow at the recession beating rate of around 15% annually.[Ends]
Notes to Editors:
The 2nd MCB Islamic Finance and Trade Conference is due to be held at the Park Plaza Victoria, Victoria Suite, 239 Vauxhall Bridge Road, London SW1V 1EQ on 28-29 October 2008.
Additional details including agenda and speakers details can be viewed at http://www.iftc.uk.com