Britain to promote London as major Islamic financial hub

Britain to promote London as major Islamic financial hub

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The UK government has established a new task force with the ambitious objective of promoting the capital city of London as a centre for Islamic financial activities, local media reported.

The plan dubbed ‘Islamic Finance Task Force’ has been launched to make London a preferred choice for Muslims around the world to make investments and do business in the city as the European financial hub, the economictimes reported.

Greg Clark, financial secretary to the UK Treasury and co-chair of the task force described the project as a “perfect example of our ambition to promote London as a leading financial centre and attract inward investment for the wider economy.”

The project is being introduced as a bid to counter increasing competition from global Islamic hubs such as Dubai [United Arab Emirates] and Kuala Lumpur [Malaysia].

The task force is also planning to host the World Islamic Economic Forum in London in October, which is the first time that the forum is being held outside Asia or an Islamic city.

“We expect the global market for Islamic financial services to experience significant growth over the coming years, but feedback from decision makers in the Middle East and South-East Asia suggests there is a lack of awareness of the UK industry and that we should be doing more to promote the sector,” said Baroness Sayeeda Warsi, senior minister of state at the UK’s Foreign and Commonwealth Office and the second co-chair of the task force.

“There are also major opportunities to attract investment into the UK as demand for Islamic finance increases from private investors and Sovereign Wealth Funds,” Warsi added.

Britain’s minister of trade and investment, Lord Green, and minister of state for international development Alan Duncan will provide additional ministerial support to the team.

Zulkifli Hasan
Oxford University


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