The market for Islamic financial services is currently estimated as being approximately £250bn, with a projected annual growth of between 10% and 15% over the next ten years. It is therefore evident that Islamic finance is becoming part of the mainstream market, with Sukuk (Islamic bonds) helping to drive the growth and bridging the gap between Muslim and non-Muslim investors. 80% of bond issues are now Islamic compliant compared with just 26% in 2005 and the Sukuk market is growing at about 40% each year, attracting a high level of non-Muslim investors.
All these factors point to an increase in demand for the full range of Islamic financial services as the market matures and introduces increasingly sophisticated products.
IFSL has set up the Islamic Finance for Business Working Group in order to better assist the interests of our member companies, and in recognition of the importance we attach to this issue. The primary objective of the Group, which meets 3-4 times a year, is to champion the export of UK- based Islamic Financial Services, representing practitioners from the enormous range of financial, professional and technical skills that the UK has to offer. It has invited leading experts and practitioners to speak to IFSL member companies on the opportunities in Banking and, at its most recent meeting, on Insurance (Takaful).
IFSL can help member companies to establish key contacts and to find potential partners and clients. Islamic Finance for Business, as well as being closely involved with providing teams to accompany Lord Mayor’s visits, is also able to coordinate inward missions to the UK, advising both the public and private sectors internationally.
The IFSL Working Group operates under the umbrella of the Islamic Finance sub-group of the UKTI Financial Services Sector Advisory Board works and in close partnership with UK Trade and Investment (UKTI) as well as the Corporation of the City of London.
For the latest assessment of the size and importance of the Islamic Finance market view IFSL's latest report (view PDF)
Any IFSL members – or non-members – interested in joining or becoming involved in the Islamic Finance for Business Group should contact Andrew McHallam at a.mchallam@ifsl.org.uk tel 020 7213 9121 or Wayne Evans at w.evans@ifsl.org.uk tel 020 7213 9112