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Posts Tagged ‘UK

Britain’s First Islamic Motor Insurance

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Points of Essence:

  • Newest player Salam Halaal is a pioneer Islamic motor insurance company in Britain.  Riding on the takaful concept, the customers may now enjoy protection to their vehicles and at the same time discounts on their next premium payments. All devoid of unethical elements as under the conventional insurance. Islamonlinenet has the report.

CAIRO – A London-based Islamic insurance firm has hit UK roads with a Shari’ah-compliant car insurance product that immediately attracted Muslim and non-Muslims for its ethical nature.

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Written by Suapi Shaffaii

February 16, 2009 at 10:43 am

BLME launches private banking business

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Points of Essence:

  • London based BLME has futher intensified its Islamic financial services business by setting up a fully Shariah compliant private banking business.  The new unit will serve  high net-worth individuals, entrepreneurs and their corporations in the UK, Europe and Middle East. Trade Arabia News Service has the report.

London: Tue, 27 Jan 2009

Bank of London and the Middle East (BLME), the UK Sharia’a compliant wholesale bank, has confirmed that it will be extending its wealth management division with the launch of a fully Sharia’a compliant private banking business.

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Written by Suapi Shaffaii

January 28, 2009 at 12:04 pm

Posted in General Issue

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Islamic banking: Sharia-compliant institutions buck trend

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Points of Essence:

  • Islamic banks in the UK continues to record growth while their conventional counterparts are in shambles in the aftermath of the credit crisis. Financial Times has the report.

By David Oakley, Capital Markets Correspondent

The banking community in the City of London has been hit hard by the economic crisis. But one area of the UK’s financial sector has emerged relatively unscathed from the credit crunch – the new Islamic banks.

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Written by Suapi Shaffaii

November 25, 2008 at 1:23 am

Posted in General Issue

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London a natural home for Islamic finance

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Points of Essence:

  • The availability of key components of robust frameworks, leading advisory firms, strength and depth in capital markets and intellectual capital, makes London a natural base for Islamic finance. Zawya has the report.

Islamic Finance Council UK Executive Board Member Omar Shaikh

23 November 2008
The UK Pavilion at the 15th World Islamic Banking Conference (WIBC) in Bahrain demonstrates that despite its origins overseas, Islamic finance has found a natural home in London and the UK.

This is the second time the event has supported a UK Pavilion, hosted by UK Trade and Investment (UKTI), and reflects growth plus the diversity and complimentary skills UK companies contribute to Islamic finance.

Islamic Finance Council UK Executive Board Member Omar Shaikh said:

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Written by Suapi Shaffaii

November 23, 2008 at 8:30 pm

Posted in Financial Centres

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London’s new mayor encouraged by the growth of Islamic banking and insurance

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Points of Essence:

  • As London is emerging an international Islamic financial center, it’s vital to have someone at the core heart of the City’s administration who will appreciate the significance of Islamic finance. The city’s newly appointed mayor, Ian Luder will perhaps take this pointer forward. Times Online reported.

London welcomes new mayor Ian Luder to office

Ian Luder, whose father taught at a school in Hackney, has selected finanical education as the theme of his year as Lord Mayor of the City of London

Ian Luder, whose father taught at a school in Hackney, has selected finanical education as the theme of his year as Lord Mayor of the City of London

By Martin Waller

One of Ian Luder’s childhood memories is of being taken regularly into the City to watch the Lord Mayor’s Show. This is the occasion when the latest to occupy a post that dates back to 1189 tours his constituency in his gilded coach. Today, Mr Luder will take his place in the coach, the 681st to serve as Lord Mayor. One has to ask if that little boy ever contemplated this.

“All little boys dream. My parents brought me to the show. My mother made me learn the names of the lord mayors from a very early age.” Not all the way back to 1189? No, but “I had a penchant for remembering things. I liked history, facts and statistics. I think the little boy who watches the show and doesn’t dream that one day he might be in that golden coach is a very strange boy.”

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Written by Suapi Shaffaii

November 14, 2008 at 11:55 am

Posted in Financial Centres

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UK to Provide Scheme on Islamic finance Education

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Points of Essence:

  • UK is poised to become an international provider for Islamic finance training under an education scheme to be provided by the UK Trade & Investment.

Gov’t organisation seeks to educate on Islamic finance

Andrew Cahn, chief executive of UK Trade & Investment, said: “In these tough times it’s more important than ever that we make the most of growing sectors like Islamic finance.

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Written by Suapi Shaffaii

November 4, 2008 at 2:20 pm

NatWest launches sharia commercial property service

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Points of Essence:

  • Natwest Business Banking is the latest institution in the  UK to engage in Shariah financing. It will roll out commercial property mortgage products under the Shariah principle of Murabahah.

NatWest Business Banking is entering the Islamic financial services market with the launch a shariah-compliant commercial property mortgage product.

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Written by Suapi Shaffaii

November 2, 2008 at 12:57 am