30 January 2007
City welcomes government moves to promote Islamic Finance
The Lord Mayor of the City of London John Stuttard, who next
week leads business delegations to Qatar, Pakistan and UAE,
welcomed City minister Ed Balls' announcement today of new measures
to strengthen the UK's role as a leading centre for Islamic
Finance:
"The City's worldwide reach and its ability to innovate to meet
new market needs is already well attested by its role in developing
Islamic finance products; these Government measures will further
encourage this important trend.
"Establishing the UK issuance and trading of Sukuk - and
ensuring Budget-linked guidelines on Musharka and Takaful - will
underpin growth in this field."
The Lord Mayor's 11-day six-city visit to Qatar, Pakistan and
UAE follows on a December visit to Kuwait and vests later this year
to Kazakhstan and Malaysia - all part of his 20 country programme
of work promoting the UK-based financial services industry.
In UAE the Lord Mayor will be accompanied by the Securities and
Investment Institute which has pioneered global Islamic finance
training and is working closely with institutions in Abu Dhabi and
Dubai to establish strong professional standards in all aspects of
securities and investment.
Both the Lord and Mayor and the City's Chairman of Policy and
Resources Michael Snyder sit on the Chancellor's High-Level group
working on competitive issues. The City of London Corporation works
closely with UKTI, the FCO and others to promote the UK-based
financial services industry both at home and abroad.
Notes
The Lord Mayor is the
annually-elected head of the City of London Corporation which
provides local government services for the Square Mile, the
financial and commercial heart of the UK, and which is committed to
maintaining and enhancing the status of the business City as the
world's leading international financial and business centre through
its policies and services. Its responsibilities also extend far
beyond the City boundaries and include management of the Barbican
Centre, Central Criminal Court at the Old Bailey, 10,000 acres of
open space including Hampstead Heath and Epping Forest, three
wholesale food markets, as well as acting as the London Port Health
Authority.
For further information contact:
Greg Williams at the City of London Press Office on 020 7332
1455.