Britain unveils international Islamic finance, investment group

Building on the Prime Minister's announcement that Britain would become the first non-Muslim country to issue an Islamic bond, Financial Secretary to the Treasury Sajid Javid unveiled the Islamic Finance and Investment Group at the Ninth World Islamic Economic Forum (9th WIFE) here on Wednesday. The Group, chaired by the Rt. Hon Baroness Warsi, will include members from key Islamic finance centres, including Chief Executives and Central Bank Governors from Kuwait, Bahrain, Qatar, UAE, the UK and Malaysia, according to a statement by HM Treasury. The Group will meet regularly to identify and address the critical factors that will drive the global Islamic finance market over the next five years. Bringing together senior experts and practitioners from industry and governments the group will meet for the first time in January 2014 to consider the issues surrounding Islamic finance and how best to work together to promote its development. Drawing on London's experience as a leading global financial centre, the group will play an important role in helping to grow the Islamic finance market going forward. Javid said: "I am delighted that the government is establishing this Group. We are competing in a global race and it is crucial that we, as a country that is open for business, know what we need to do to take advantage of the Islamic finance opportunities that are out there." "The Islamic Finance and Investment Group will be perfectly placed to pick up on developing trends and will have the expertise to help Islamic finance grow globally, as well as developing London as one of the world's leading Islamic finance centres," he went on. Final scope and membership will be confirmed at the Dubai Global Islamic Economy Summit next month Javid added. Chaired by Tun Musa Hitam, chairman of WIEF Foundation, the 9th WIFE opened yesterday and will conclude tomorrow. Kuwait is represented by Finance Minister Sheikh Salem Abdulaziz Al-Sabah