UKIFC appear on MetroTVNews Indonesia
UKIFC founder Omar Shaikh appeared on Indonesia's MetroTVNews to discuss Islamic finance, and its relationship to sustainable and responsible finance more broadly. Watch now:
UKIFC launch 'Pioneers of Islamic Finance' series on International Women's Day
UKIFC recently launched our brand new 'Pioneers of Islamic Finance' series on International Women's Day, highlighting Stella Cox's contribution to the UK's Islamic finance industry.
Stella sat down with Omar Shaikh of the UKIFC to discuss her experiences as one of the UK’s pioneers in Islamic finance. Stella speaks about her early days at Kleinwort Benson, her friendship with Shariah scholars, her journey founding DDCAP, one of the leading intermediaries in Islamic finance, and what the future holds for Islamic finance in the UK and beyond.
Islamic finance has a long history, and is gathering momentum as a new generation embrace the power of digital technology. UKIFC has uniquely curated a Pioneers of Islamic Finance series with two key objectives:
- Use the wisdom and learning of the pioneers inform the next generation of business models, entrepeneurs and leaders in Islamic finance
- Preserve and document the journey of the pioneers and celebrate their contribution to the field
This fascinating series exlores the personal highs and lows and the professional successes and struggles they experienced. We ask what they would have done differently if they could turn back time and what advice they have for the next generation. Find out more at ukifc.com/pioneers
Forthcoming Interviews
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Amjid Ali -
Shabbir Randeree -
M. Iqbal Asaria -
Sultan Choudhury
The series of interviews is ongoing; contact us at info@ukifc.com if you would like to suggest a Pioneer whose story should be told.
UKIFC is proud to support the Path to COP26 campaign
UKIFC is proud to be a signatory of the Path to COP26 campaign from the Global Ethical Finance Initiative. We are supporting the Faith in the SDGs stream of the campaign, which seeks to bring together, diverse global faith groups to drive change in finance through ethical leadership and stewardship of their endowments, bringing faith to finance, and finance to faith at the crucial Glasgow summit in 2021
Alongside UKIFC, signatories include major financial institutions such as NatWest Group, Baillie Gifford and Aberdeen Standard Investments, professional bodies such as Chartered Banker and CISI, and campaign groups and NGOs including Make My Money Matter and NatureScot.
Muslim students still waiting for government funding plan - BBC News
UKIFC co-founder Omar Shaikh appeared on a BBC News video explaining some of the challenges that Muslim students are facing in accessing Shariah-compliant student finance - watch now.
Omar Shaikh delivers virtual lecture to World Muslim Communities Council
UKIFC Managing Director Omar Shaikh delivered a virtual lecture with the World Muslim Communities Council, on Saturday 5th December 2020. Entitled "Moral Economy and Green Recovery After Covid-19: Islamic Awqaf and Finance", the lecture affirmed that Islamic finance is moral financing and a means to carry out community activities and achieve human happiness.
He added: “Islamic finance is a financing product that has a clear structure and focuses on alignment and avoids usury, because it is a green economy that achieves recovery with returns, social benefits and blessings in money, as well as it provides solutions to global challenges.”
He explained that in the face of the outbreak of the epidemic, we must seize opportunities for Islamic finance and endowments, as there are several challenges facing financing operations and traditional bank shares such as supply chains. He is stressing that the demand for products for the benefit of societies has led to an increase in profits and reduced costs for banks.
He called for a focus on ethical economics and sustainable banking through investment in markets and Sharia governance, as well as on sustainability goals by contributing to the eradication of poverty and achieving gender equality, by harmonizing Islamic finance. He is calling for rebuilding a new system of Islamic finance based on human welfare and serving the society.
During the lecture, Omar pointed out the experience of the countries of Scotland and the United Arab Emirates in being among the first countries that cared about the happiness of the individual to achieve emotional intelligence.
The World Muslim Communities Council is an international non-governmental organization, headquartered in the UAE capital Abu Dhabi.
Second Islamic Finance & SDG Taskforce meeting takes place
The second Islamic Finance and the UN Sustainable Development Goals (SDGs) Taskforce meeting has taken place virtually bringing together over 50 global Islamic finance leaders. At the meeting, convened by the State Bank of Pakistan (SBP) in partnership with the UK Islamic Finance Council (UKIFC), the SBP announced the launch of a country level working group bringing the leading banks across Pakistan to focus on green finance and the SDGs. Two further working groups, to be driven by Taskforce members, focused on Disclosure and Reporting and Education and Awareness were also announced.
The Taskforce is playing a leading role to encourage the adoption of the SDGs, highlight the green finance opportunity and promote the UN Principles of Responsible Banking within the global Islamic finance sector. This represents a $2.5 trillion global investment opportunity as part of the post-Covid-19 economic recovery. The Islamic Development Bank suggest that between $700m and $1trillion of this is within its member countries presenting an immediate opportunity for Islamic finance institutions.
State Bank of Pakistan Governor, His Excellency Dr. Reza Baqir, announced the launch of a Pakistan country working group that will:
“Explore the inherent strength of Islamic finance to develop a responsible business framework by engaging academia, policy makers and practitioners towards achieving SDGs.”
Leading the Awareness group UKIFC Advisory Board Member and meeting chair, Richard de Belder commented:
“Having identified a knowledge gap this working group will focus on activities that increase awareness, promote understanding and encourage adoption of the SDGs amongst the global Islamic financial and their related primary stakeholders.”
Leading the Disclosure and Reporting working group Gatehouse Bank CEO Charles Haresnape added:
“This working group is a unique opportunity to bring the Islamic banks signed up to the UN Principles of Responsible Banking together to share experiences with a view to developing a more consistent approach to disclosure and report.”
Despite a natural alignment few Islamic financial institutions are engaged with the SDGs. As we enter the decade of delivery the Taskforce has become an important platform to raise awareness of the Global Goals and catalyse practical action amongst Islamic financial institutions.
The meeting, also heard from Dr Hayat Sindi, Senior Advisor to the President, Islamic Development Bank, who spoke about how Islamic financial institutions are demonstrating resilience as world events continue to reshape the landscape of global financial services; how IFI’s can prepare themselves for the opportunities and challenges posed by such a changing economy; and especially with regards to investing in science and innovation so poorer countries can provide an adequate response to the Fourth Industrial Revolution.
NOTES FOR EDITORS
About The Taskforce:
With assets expected to reach US $3.8 trillion in 2022, Islamic finance is one of the fastest growing sectors in the global financial industry. Achieving the 17 Sustainable Development Goals (SDGs) agreed in the UN’s 2030 Agenda for Sustainable Development will take over US$5 trillion per year investment with the current financing gap standing at around $2.5 trillion per year.
The purpose of the taskforce is to explore the role the Islamic finance industry can play in addressing this funding gap and to better understand the commercial opportunities the SDGs present for the sector.
The UN’s SDGs are the blueprint to achieving a better and more sustainable future for all, addressing issues such as climate change, education and equality. Achieving the SDGs requires a coordinated global effort with Governments and private sector, including the financial services sector as a whole. Analysis indicates there is limited engagement by the global Islamic finance sector and this focused taskforce has been established by the UKIFC.
UKIFC announces support of 'Faith In SDGs' and the Path to COP26 campaign
UKIFC is a signatory of the Global Ethical Finance Initiative's Path to COP26 campaign, and is collaborating on the #FaithInSDGs workstream, which forms a part of the campaign. Ahead of the crucial 2021 Glasgow climate summit, the two organisations are seeking to coordinate faith groups, who have the power to invest in transformative change through their holdings.
UKIFC Partnership with Alliance of Religions and Conservation (ARC) Discussed on the BBC
Omar Shaikh (UKIFC) and Martin Palmer (Alliance of Religions and Conservation (ARC)) appeared on BBC Radio Scotland's Sunday Morning with Ricky Ross to discuss a new and innovative partnership between the organisations which aims to promote a major shift in international ethical finance. ARC, UK-based international NGO linking religions with environment initiatives, was founded in 1996 by HRH The Prince Philip and current Secretary General Martin Palmer.
The agreement came after a delegation from ARC spent two days in Edinburgh, attending the UKIFC’s 15th Ethical Finance Round Table as well as meeting with representations of the Ethical Finance Hub, Scottish Government, Church of Scotland and others to discuss the possibility of a new faith-consistent investment unit being based out of the Hub in Edinburgh.
ARC has been working with the United Nations Development Programme (UNDP), Organisation for Economic Cooperation and Development (OECD) and faith groups from across the globe to explore the development an international faith-consistent investment alliance which seeks to address the challenges and opportunities posed by the SDGs. The UN recognises that traditional aid channels and funds are not sufficient or sustainable sources of finance to deliver the SDGs. The potential of the faiths, however, is significant.
Every religion has values and teachings that accord (in different ways) with at least some of the visions expressed in the SDGs. Faith investments (pensions, endowments and other portfolios) represent at least 12% of the total global capital market an estimated further 30% owned by people who are active followers of the major religions. Until recently, whilst some faith groups had negative screening policies (eg not investing in armaments or tobacco), almost none had proactive / positive investment policies (of what they would actively invest in to support a better future world in the future eg sustainable energy).
The UKIFC will join ARC’s steering group meeting at the UN office in New York on March 26 2018. The aim of the meeting is to discuss the purpose and structure of the proposed faith-consistent investment alliance and whether and how it might operate from three global centres, which might include the Edinburgh Ethical Finance Hub and possibly a centre in Zug, Switzerland.
ARC will also work with the UKIFC and the Church of Scotland to support the development of shared values framework, to be launched in autumn 2018, by bringing in other faith groups to ensure the values are widely ratified.
'How Ethical is Islamic Finance' Thematic Workshop a huge success!
We are pleased to announce that our Thematic Workshop with the International Shari’ah Research Academy for Islamic Finance (ISRA) in association with K&L Gates had a great turnout and was a huge success. There was a lot of passion, energy, provocation and engagement with the topics. More details about the thematic workshop will be published soon.
'How Ethical is Islamic Finance' Thematic Workshop set for February 2018
Following the success of the October 2016 event on Shari’a Governance, the Islamic Finance Council UK (UKIFC) and the International Shari’ah Research Academy for Islamic Finance (ISRA) in association with K&L Gates are delighted to provide details of our next Thematic Workshop on 21st February 2018, which will focus on the topic of the relationship between Islamic finance and ethical finance. The workshop, sponsored by DDCAP, the Bahrain EDB and Gatehouse Bank, will convene at 09:30am at K&L Gates One New Change London EC4M 9AF.
The trend of positioning Islamic finance within the broader umbrella of ethical finance has gained momentum in recent years. Following Shari’a principles, it is argued Islamic finance is seen to be intrinsically interwoven with ethical finance values and strategies.
However, this view is not shared across the whole of the financial services industry. Critics of Islamic finance would challenge the notion of Islamic finance being ethical by questioning the creation of synthetic products to overcome textual restrictions with the result that the economic outcome and risk sharing profile is identical or very similar to that of conventional banks.
This conference will review and reflect on a number of key areas to explore the question of “How Ethical is Islamic Finance?”
Speakers include:
- Lord Sheikh, Co-Chair, All-Party Parliamentary Group on Islamic Finance
- Ajmal Bhatty, Board Member UKIFC and CEO, Qatar General Insurance and ReInsurance Co
- Dr Akram Laldin, Executive Director, ISRA
- Alastair King, Chairman, Naisbitt King Asset Management and Alderman of Queenhithe Ward, City of London
- Dr. Ashraf bin Md. Hashim, Senior Researcher / CEO, ISRA Consultancy
- Barry Cosgrave, Islamic Finance Partner, K&L Gates
- Charles Haresnape, CEO, Gatehouse Bank
- Professor Dr. Engku Rabiah Adawiah, International Islamic University Malaysia Institute of Islamic Banking and Finance
- Graham Burnside, Chairman, UKIFC
- Harris Irfan, CEO, Cordoba Capital
- Jonathan Lawrence, Islamic Finance Partner, K&L Gates
- Justin Sykes, Managing Director, Innovest Advisory
- En. Kamarul Ariffin Bin Mohd Jamil, Group CEO, Affin Bank Malaysia
- Martina Macpherson, Partner, Sustineri
- Professor Mehmet Asutay, Director, Durham Centre for Islamic Economics and Finance
- Professor Mohamed Iqbal Asaria CBE, Visiting Lecturer, Cass Business School
- Mushtak Parker, Editor, Economist & Independent Non-Executive Director, CIMB Principal Islamic Asset Management (Ireland) Ltd
- Nyra Mahmood, Managing Director, Simply Sharia Human Capital
- Omar Shaikh, Advisory Board Member, UK Islamic Finance Council
- Peter Lovell MBE, Chief Executive Officer, Financing Sharia Enterprise
- Petr Klimes, Group Marketing Director & Head of Digital, Abu Dhabi Islamic Bank
- Shaykh Essam Ishaq, Shariah Scholar
- Shaykh Ruzwan Mohammed, Co-Founder Solas Foundation and Educational Director, iSyllabus Islamic Studies Program
- Sheikh Badr Al-Hasan, Partner, Dome Advisory and Chairman, InsureHalal.com
- Shelina Janmohamed, Vice President, Ogilvy Noor
- Simon Walker, Head of Retail Sales, Al Rayan Bank
- Stella Cox, Managing Director, DDCAP
- Stuart Hutton, Chief Investment Officer, Simply Ethical
- Tarek El Diwany, Director, Kreatoc Zest
The event will cover several key themes including:
- The Shari’a Scholar Debate - Is Islamic finance following the spirit of the law or just the letter?
- Is Islamic Finance an ethical alternative - what social impact has it made in the past 20 years?
- With $40trn in SRI funds under management, is the Islamic Finance sector branded optimally?
- By focusing on the banking model, has Islamic Finance restricted its ability to provide more ethical and socially responsible solutions?
- Malaysia and UK innovation case studies – value-based intermediation and interfaith shared values framework
To view detailed agenda of the themes for the day click here.
Click here to view highlights from our 2016 event “Is the Current Model of Shari’ah Governance Fit for Purpose?
THIS EVENT IS NOW OVERSUBSCRIBED. IF YOU WOULD LIKE TO BE ADDED TO OUR WAITING LIST PLEASE EMAIL EVENTSLO@KLGATES.COM.
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