UK's Islamic Finance Capability Assured as UKIFS Integrates With TheCityUK

LONDON, June 22, 2011 /PRNewswire/ --

TheCityUK (http://www.thecityuk.com/), an independent membership body promoting the financial services industry within the UK and beyond, has announced the integration of the UK Islamic Finance Secretariat (UKIFS) into its operations.

The UKIFS is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and representing the UK financial services industry internationally.

The new integration will allow TheCityUK to focus on safeguarding and further developing the UK's strengths in Islamic finance, ensuring it not only remains the West's hub for this financial specialism but continues to be a significant contributor on a global stage.

The development comes at a time of strong growth in Islamic finance in UK financial services. There are currently 22 banks in Great Britain offering Islamic finance products, exceeding that of any other Western country. There were five Sukuk listings at the London Stock Exchange in 2010 and one in early 2011, bringing the aggregate total at the LSE to 31 listings worth $18bn. Islamic funds managed within the UK have combined assets of $300m.

Chris Cummings, Chief Executive of TheCityUK, states: "TheCityUK is looking forward to playing a key role in ensuring the UK's ongoing success as the leading Western provider of Islamic finance. The integration of UKIFS into TheCityUK is a landmark development which will provide fresh opportunity to promote the Islamic Finance capability, building on the work undertaken by UKIFS' founding directors and by the Chartered Institute for Securities & Investment (CISI). This latest development will ensure the UK's capability in Islamic Finance can continue to evolve."

Lord Green, UK Minister of State for Trade and Investment, also endorsed the integration, commenting: "As the undisputed leading Western hub for Islamic finance services, the UK has recognised the role of the sector in contributing to future economic growth. UKIFS has achieved a great deal in representing the industry since it was launched in 2010. I am pleased that it is becoming part of TheCityUK, in a move that will strengthen the promotion of the wider UK offer overseas. I wish TheCityUK and UKIFS every success for the future, and UKTI looks forward to supporting this exciting market development both at home and abroad."

To find out more about TheCityUK, visit http://www.thecityuk.com/

About TheCityUK

TheCityUK is the independent membership body promoting the UK's financial service industry and related professional services industry. It was created with the support and initial financial backing of the City of London Corporation.

TheCityUK is the cross-sector voice for the UK financial services community working to build a deeper pool of support across the UK, promoting UK financial services overseas and contributing to the regulatory and trade policy debate.

The purpose of the organisation is to partner prosperity - supporting the competitiveness of UK financial services and protecting their considerable economic contribution. TheCityUK co-ordinates and facilitates the contribution of its members to drive and deliver its priorities.

Its UK-wide financial services membership covers all sectors in the financial services industry and the related professional services industry. It is independent and politically neutral.

Find out more about TheCityUK at http://www.thecityuk.com/

SOURCE TheCityUK