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2 Contents 01 Welcome 03 Islamic finance establishes its credentials 05 Case study: Bank of London and the Middle East (BLME) 07 Quickening Islamic finance s growth 08 Rising demand for UK Islamic finance qualifications 13 The UK creates Islamic finance s international gateway 14 Case study: Chartered Institute of Management Accountants (CIMA) 15 Case study: Gatehouse Bank 16 Partnering to create a stronger Islamic financial sector 18 PR contact information

3 16th Annual The World Islamic Banking Conference Welcome UK Trade & Investment welcome you to the UK pavilion at the 16th Annual The World Islamic Banking Conference 2009 in Bahrain. We invite you to explore the partnership opportunities available with UK representatives from a diverse background in banking, professional services, IT, advisory and education sectors, as they showcase their expertise and strengths in the provision of Islamic financial products and services. The articles presented here explore the adaptability and robustness of UK companies to meet the challenges presented in a post-financial crisis world. Furthermore they capture the strengths, capabilities and the proven-track record of experience held by UK Islamic finance experts, and their endeavour to develop strong partnerships with other Islamic financial centres to make a positive contribution towards the global growth of the industry. It is our goal to move Islamic financial services to the mainstream global market and together we invite you to partner with the UK to make this journey a success. The World Islamic Banking Conference 01

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5 Traditional credit markets remain tight following last year s credit crisis, but one consequence is that a number of organisations are considering Islamic finance for the first time. Islamic finance establishes its credentials For those whose activities are acceptable under Shariah law, Islamic finance looks likely to become one of an established range of funding alternatives. The number of sukuks in recent months such as the Islamic Development Bank s September US$850 million issue has emphasised the market s buoyancy despite difficult times. While Islamic finance did not go unscathed during 2008 s financial crisis, it has emerged in a stronger competitive position than before. Conventional financial markets can no longer provide the generous costs of finance and lending maturities that Islamic finance found so difficult to match. In addition, the Shariah standards that ruled out highly leveraged derivative products now appear particularly far sighted. Nigel Denison, Head of Markets and Asset Management at Bank of London and the Middle East, which was set up in London in 2006, believes that Islamic finance s new competitiveness is here to stay. The exceptional financing terms previously offered by Western banks are unlikely to return, he says, as regulators insist they hold more capital against the business they do. The question now is whether Islamic finance s increasing acceptability will accelerate its growth rate. The 2008 crisis interrupted a period of strong expansion across the full range of products from sukuk, to trade finance, to insurance and investment products. Islamic finance was expanding at a rate of 10%-15% a year before the crisis, although some niches may have been growing much faster. In Saudi Arabia, for example, there has been rapid expansion. International accountancy firm BDO published a study in October anticipating growth could be up to 20% over the next three years. More than half the Islamic finance executives surveyed expressed this view. Some industry leaders are even more optimistic. Richard Thomas, Chief Executive of Londonbased Gatehouse Bank, anticipates that the market will soon reach a tipping point, after which it will see very rapid growth. A catalyst for this could be the establishment of more robust legal structures for sukuks following a small number of defaults. Lawyers and other professionals are currently working to develop structures that will better protect investors rights in future. Before the financial crisis the challenge for Islamic finance was to prove its legitimacy, notes Thomas. Now the challenge is to build up its capacity. Since the end of last year, people have been looking at Islamic finance much harder, says Farmida Bi, the London-based Partner with Norton Rose, the international law firm. Blue chip corporate borrowers, banks, governments, private equity funds all have fewer options going forward, making them examine the full range of alternatives. Image left Bank of England, London, England. The World Islamic Banking Conference 03

6 This deal marks the first time that Ocado has used Islamic finance and is BLME s first retail financing deal in the UK. Humphrey Percy CEO of BLME (Bank of London and the Middle East) Image Canary Wharf London, England.

7 CASE STUDY: BANK OF LONDON AND THE MIDDLE EAST (BLME) IN THE HEADLINES: JANUARY 2009 BANK OF LONDON AND THE MIDDLE EAST ARRANGES 10 MILLION SHARIAH FINANCING FACILITY FOR OCADO LTD The London based wholesale Islamic bank, provided a 10 million fully Shariah compliant leasing facility to Ocado Ltd (Ocado), the UK independent online grocer. Ocado is the UK s only dedicated online supermarket, selling groceries from its supermarket partner, Waitrose Limited, alongside major branded goods and a wide range of non-food lines. Ocado can deliver into the kitchens of more than 15 million households in England. Humphrey Percy, CEO of BLME, stated: This deal marks the first time that Ocado has used Islamic finance and is BLME s first retail financing deal in the UK. For such a strong household name to make this choice reflects the growing appeal that Shariah finance has in the global market and illustrates clearly how we can offer financing solutions to a broad base of clients from those who regularly use Islamic finance through to those who have so far not considered it as a viable alternative. Since receiving its banking licence in July 2007, BLME has completed a variety of leasing, project finance, real estate and trade-related transactions, and is focused on offering Islamic fi nancing solutions to companies in the US, Europe and MENA region.

8 There is a lot of brainpower in London and many of the volume Islamic products such as structured products and note issuance platforms have been developed there Neil Miller Head of Islamic Finance Norton Rose LONDON S LIQUIDITY EXCHANGE When the Government of Bahrain launched the fi rst sukuk of 2009 to be listed in Europe, no one was surprised that it selected the London Stock Exchange (LSE) as the venue. The LSE s high standards of transparency and corporate governance have attracted considerable liquidity. Bahrain s June US$750 million sukuk lifted the number listed on the exchange to 19 more than any other in Europe with a total of US$11 billion raised. There is a high value in a London listing, says Gillian Walmsley, Product Manager at the London Stock Exchange (LSE). The listings rules and continuing obligations guarantee a level of transparency. This is important for all investors, especially those that can only invest in a listed product.

9 As Islamic finance expands from its Gulf and Southeast Asian home markets, London is providing not only the links to Europe but also the deep expertise that will enable this specialist form of finance to grow once more now that the credit crisis is over. Quickening Islamic finance s growth Image left Bahrain Financial Harbour, Manama, Bahrain. There is a lot of brainpower in London and many of the volume Islamic products such as structured products and note issuance platforms have been developed there, says Neil Miller, Norton Rose s Dubai-based Head of Islamic Finance. After a period when there was little activity, the UK is once again hosting deals and working to help refi ne Islamic structures. Islamic vehicles are starting to be listed once more on the London Stock Exchange (LSE), the UK s lawyers are working on new Islamic products and the UK Government is continuing to enhance the regulatory environment. Leading the way In the field of regulation, the UK is creating a model for others to follow. The 2009 Budget Report introduced the latest in a series of tax changes to sukuk bonds, continuing a programme of reform aimed at taxing Islamic finance s economic returns equally with conventional finance s interest payments. The UK s initiatives have created the most open, fl exible and attractive regulatory and tax regime for Islamic finance of any western centre. The tax and regulatory environment has created a level playing field, which has helped to attract the five Shariah-compliant banks and one dedicated Takaful provider that have set up in the UK during the past five years. The regime has also helped to make the LSE an attractive venue for sukuk issuers, such as the Government of Bahrain (see box). Valuable intellectual capital In addition to working on new sukuk issues, the UK s legal community is helping to review some sukuk structures after the financial crisis. In this way, they are confirming sukuk owners rights over the underlying assets, so reinforcing the foundations for future issuance. London s banking experts have also been responsible for breakthroughs such as the Shariah-compliant ETFs traded on the LSE. Other innovative developments include the first Shariah-compliant hedge fund manager, as well as structured products. The quality of the people and infrastructure in London and throughout the UK; the way we address problems and issues, the mindset, all of these add value for Islamic finance, says Omar Shaikh, an Executive Board Member of the Islamic Finance Council UK, which works to promote Islamic finance both in the UK and globally. The World Islamic Banking Conference 07

10 More professionals are signing up to study for the internationally-recognised Islamic finance qualifications offered by UK organisations as demand for expertise in this complex and expanding industry continues to grow. Rising demand for UK Islamic finance qualifications To improve their understanding of the sector, bankers, lawyers and business advisers from around the world are choosing the comprehensive learning packages put together by UK universities and professional bodies, in collaboration with Shariah scholars and respected local delivery partners. As a world leader in education, and a global centre for international finance, the UK offers students an outstanding learning opportunity. British courses also benefit from the experience and insights that flow from 22 major banks with units that offer Islamic finance, including five stand alone Islamic banks; to make the country one of the West s leading centres for Islamic finance. Meanwhile, organisations such as the Glasgowbased Islamic Finance Council provide thought leadership, offering seminars for scholars seeking a more detailed understanding of banking and insurance products. Taking a broad approach The UK s broad, objective approach to education, training and qualifications in Islamic finance is proving attractive in a sector where Shariah rulings on acceptable products and practices vary between the Gulf and Malaysia. Lectures and tutorials provided in association with local professional associations ensure that overseas students understand the signifi cant national variations between countries such as Malaysia and Saudi Arabia. Course directors are reporting rising demand for Islamic finance qualifications, even though falling oil prices and a property downturn hit Gulf economies in 2008 and prompted a slowdown in the Islamic finance sector s growth. Many experts believe that a transparent and ethical financial system, linked to tangible assets, will have long-term appeal in a postcrisis global economy. For example, professionals from around the world are studying for the Islamic Finance Qualification offered by the London-based Chartered Institute for Securities & Investment (CISI). Over 3,100 workbooks have been sold since it was launched two years ago, and more than 700 students have achieved this global benchmark qualification which covers both technical and Shariah aspects of Islamic finance. The course was developed with the Lebanese Ecole Superieure des Affaires and is overseen by an advisory council of technical experts. We see it as a genuine collaboration, not just a UK export, says Ruth Martin, CISI s Managing Director. We offer expertise in best-practice assessment and learning support, while regional experts bring a local flavour through delivery of training. Global accountancy qualifications Over 300 professionals in 43 countries are working towards the Certificate in Islamic Finance, a self-study course offered by the Chartered Institute of Management Accountants (CIMA), also based in London. The first global qualification offered by a professional accountancy body was developed in collaboration with the International Institute for Islamic Finance, with offices in Kuala Lumpur and Dubai. The programme is primarily a selfstudy system, but taught versions are delivered through CIMA partnerships in South East Asia, the Middle East and North Africa. We are offering a comprehensive qualification which explains, in an unbiased way, the various regional approaches currently adopted, says Course Director John Willsdon. We also champion a move towards harmonisation of practice in an industry that has the potential to grow even faster when standardised. With further growth in demand expected, an Arabic version of the CIMA course was launched earlier this year, while a translation of the CISI workbook will be available in Image right City scape at dusk, Birmingham, England. 08 The World Islamic Banking Conference

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12 The quality of the people and infrastructure in London and throughout the UK; the way we address problems and issues, the mindset, all of these add value for Islamic finance. Omar Shaikh Executive Board Member Islamic Finance Council UK Image left Skyline view of London, England. Image right Skyscrapers in Dubai, United Arab Emirates.

13 We offer expertise in best-practice assessment and learning support, while regional experts bring a local flavour through delivery of training. Ruth Martin Managing Director CISI

14 A GROWING POOL OF SERVICE PROVIDERS In the past decade, the UK s pool of specialist service providers has expanded considerably, both in London and regional cities such as Birmingham. They range from Islamic services providers such as the major legal and accountancy firms to smaller niche companies providing business support services. Such services have become increasingly important for the development of the Islamic finance sector, as more companies invest in be-spoke products and services that accommodate the unique differences that exist in Islamic fi nance, particularly on an operational level. For example ERI Banking Software through its Olympic brand, allows conventional banks with Islamic windows to run all of their operations from a single software platform, a more efficient architecture than the usual practice of running conventional and Islamic platforms side by side.

15 The UK Government is pushing forward with its policy of supporting the Islamic finance sector, further enhancing its fiscal framework to ensure Shariah products are not at a competitive disadvantage. The UK creates Islamic finance s international gateway Image left Mosque tower and high rise buildings, Abu Dhabi, United Arab Emirates. The UK Government is pushing forward with its policy of supporting the Islamic fi nance sector, further enhancing its fiscal framework to ensure Shariah products are not at a competitive disadvantage. In this way, it is building on the strengths that have made the UK a leading international centre for Islamic finance. In its 2009 Budget Report, the Government introduced the latest in a series of tax changes to sukuk bonds. The changes form part of the wider agenda to promote the UK as Islamic finance s international gateway, playing a complementary role to the major centres of the Gulf and Southeast Asia. Proactive changes to fiscal policy and regulation are building on the UK s long history in the sector. When combined with London s depth of financial liquidity and pool of expertise including specialist lawyers, accountants and Shariah consultants such strengths are difficult for other Western centres to match. The main issue for London has been around the tax and regulation of Islamic fi nance instruments, explains Samer Hijazi, Director, Financial Services at KPMG. Right now the UK has done a very good job of creating a level playing field. Levelling the playing field Since 2003, the UK has introduced a series of changes to level the playing field between Islamic and conventional finance. It has enacted specific tax legislation so that Islamic finance s economic returns are taxed equally with conventional finance s interest payments. These amendments have helped to attract five Islamic banks to the UK since 2004, when the Islamic Bank of Britain became the first stand-alone Islamic bank in a non- Muslim majority country. In addition, the interests of the sector continue to be driven through activities that lobby the UK Government for any necessary changes to legislation via organisations such as UK Trade & Investment, HM Treasury and Financial Services Authority Islamic finance advisory groups. London has developed its expertise in Islamic finance over 30 years. London s banks first started providing Islamic structures in the late 1970s when they were asked to do so by the first of the newly established Shariah compliant banks and a number of Middle Eastern merchant families, says Stella Cox, Managing Director, DDCAP. Many family offices were used to using London as a centre for conventional finance, so it had already become a conduit for setting out financial structures and managing cashflows. By nurturing the Islamic finance sector, and continuing to build its capabilities, the UK is becoming a key hub. A presence in London is now seen as essential by many of those seeking to expand internationally. When we set up in London, our shareholders wanted to be here because it is one of the world s leading financial centres, remarks Nigel Denison, Head of Markets and Asset Management at Bank of London and the Middle East. They wanted access to the people and the facilities here. They also wanted to do deals in Europe, so that they could diversify risk. The World Islamic Banking Conference 13

16 CASE STUDY: CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS (CIMA) IN THE HEADLINES: OCTOBER 2009 GROUND BREAKING SKILLS INITIATIVE FOR THE ARAB WORLD The Chartered Institute of Management Accountants (CIMA) has recently completed a groundbreaking initiative in the development of qualifications in Islamic Finance by signing a contract with Jordan-based TAGI organisation to translate and deliver the CIMA Certificate in Islamic Finance in Arabic and English throughout the Arab speaking world. The certificate offers an internationally recognised qualifi cation as an alternative to regional qualifications available in isolated geographies. The move to offer the certificate in Arabic in the Middle East ensures the placement of a global qualification that is accessible to all. The qualification highlights a real commitment by both partners to meet the shortage in skills required by the rapidly growing Islamic finance market. The launch of the Arabic certificate, which includes HSBC Amanah as its global supporting partner, marked a major step forward for the Islamic Finance industry it is the first global qualification of its kind to be offered by a professionally chartered accountancy body. Image Skyscrapers of Kuala Lumpur, Malaysia.

17 CASE STUDY: GATEHOUSE BANK IN THE HEADLINES: SEPTEMBER 2009 GATEHOUSE BANK IN WORLD-FIRST CROSS BORDER TRANSACTION ON SUQ AL-SILA Gatehouse Bank plc, the latest Islamic bank in the UK to be granted an FSA licence, completed the first trade outside Malaysia encompassing movements across Bursa Malaysia s Bursa Suq Al-Sila platform, an end-to-end Shariah-compliant commodity trading platform that facilitates commodity-based Islamic financing under Shariah principles. Gatehouse Bank CEO, Richard Thomas, commented: It is an honour to be one of the parties in the fi rst international trade over Bursa Malaysia s platform. With CIMB Islamic, we have also set a precedent for a process whereby transactions can be enacted far more quickly and more efficiently than ever before. On this platform, the opening up of Islamic markets as multi-currency trades is made accessible. The transaction illustrated a good example of the strengthening of trade partnerships between leading Islamic financial centres, Malaysia and the UK. By speeding up the process by which these transactions can take place, international trade between these two countries will be enhanced.

18 Islamic financial institutions in both the Gulf and Southeast Asia are forging a growing number of partnerships with UK public and private sector organisations. Partnering to create a stronger Islamic financial sector As the global growth of the industry continues, many institutions will fi nd ample reasons to look towards London for its accumulated banking practice and knowledge, as well as its access to liquidity. The UK s relationship with the Gulf is well regarded, given its historical trade relationship and the depth of experience found in its financial centre. In 2009, a Lord Mayor of London s visit to the United Arab Emirates discussed the pressing topic of regulation during the financial crisis, in addition to public-private partnerships. At a time when the Islamic finance world is working towards global co-operation in establishing frameworks for regulation and dialogue on harmonising Islamic rules and structures, UK firms are deeply involved. UK-based lawyers are playing a valuable role in helping to re-establish the legal frameworks for some Gulf sukuk bond structures, for example, following the frailties revealed by the economic crisis. English Common Law s flexibility has made it more suited to use in Islamic finance than some more prescriptive forms of law. Such work is reinforcing sukuks legal and regulatory foundations. The UK is also at the forefront of education when it comes to Islamic finance. Since the London-based Chartered Institute for Securities & Investment (CISI) launched its Islamic Finance Qualification two years ago, more than 700 students have achieved this global benchmark qualification. The Chartered Institute of Management Accountants (CIMA) have also recently completed a groundbreaking education initiative by signing a contract with the Jordan-based organisation TAGI Training to translate and deliver the CIMA Certificate in Islamic Finance in Arabic and English throughout the Arab speaking world. There is a lot of enthusiasm for more of these sorts of partnerships, says Richard Thomas, Chief Executive of Gatehouse Bank. Quite a lot of new institutions in the Gulf are looking to do more business with Western markets. Their domestic markets are relatively small and it is through strategic partnerships that their next stage of growth will be reached. Modern-day sukuk are based on traditional Islamic principles and they have re-emerged as financial instruments only relatively recently. It is still a young industry and therefore it is all the more important that those structuring sukuk properly consider the legal consequences of what happens when things go wrong says Muneer Khan, Head of Islamic finance at international law firm Simmons & Simmons. The year 2009 also saw Bank Negara Malaysia signing a memorandum of understanding with UK Trade & Investment, covering issues from promoting education to developing standardised rules. Two working parties are now seeking to establish common accounting, legal and regulatory standards between the two countries. Image right City centre, Doha, Qatar. 16 The World Islamic Banking Conference

19 There is a lot of enthusiasm for more of these sorts of partnerships. Quite a lot of new institutions in the Gulf are looking to do more business with Western markets. Richard Thomas Chief Executive Gatehouse Bank

20 We invite you to partner with the UK PR contact information ASSET MANAGEMENT PROFESSIONAL SERVICES ACCOUNTING & TAX Allianz Global Investors Allianz Global Investors, a division of Allianz SE, is a network of investment specialists in the major institutional and retail markets around the world. With globally EUR 1,045 billion assets under management, Allianz Global Investors is one of the world s largest active asset managers. Emma Taylor Telephone: +44 (0) Emma.Taylor@uk.rcm.com BANKING Bank of London and the Middle East (BLME) Bank of London and The Middle East plc ( BLME ) is an independent UK wholesale Shariah compliant bank based in London. The fi ve core areas that set the foundations for BLME s competitive offering are Private Banking, Asset Management, Markets Division, Corporate Banking and Corporate Advisory. BDO BDO International is the world s fi fth largest accountancy network with more than 1000 offi ces in over 100 countries. We specialise in a number of sectors spans across the globe, including: Financial Services Real Estate & Construction Retail Technology, Media & Telecoms Natural Resources Manufacturing Charities & Education Our service offering includes: Audit and Assurance Business Restructuring Corporate Finance Disputes and Investigations Investment Management Risk Advisory Tax Services Valuations Joy Frascinella Telephone: +44 (0) joy.frascinella@bdo.co.uk Michelle Arnold Telephone: + 44 (0) Michelle.arnold@blme.com 18 The World Islamic Banking Conference

21 Strength in Partnership EDUCATION IT SERVICES & SOFTWARE Chartered Institute of Management Accountants (CIMA) The Chartered Institute of Management Accountants is the world s leading and largest professional body of Management Accountants, offering an internationally recognised qualifi cation with a sole focus on business. The CIMA Certifi cate in Islamic Finance provides the professional recognition of a CIMA qualifi cation alongside demonstrable expertise in the complex, fast growing world of Islamic fi nance. Katie Scott-Kurti Telephone: +44 (0) Cert.If@cimaglobal.com ERI Banking & Software ERI is an established, substantial international group specialising in the design, development, distribution and support of the integrated, real time banking and asset/investment management software package: OLYMPIC Banking System. The OLYMPIC Banking System is being used by a number of leading international banking groups to support their sites in the Middle East. Colin Clarke or Nicholas Hacking Telephone: +44 (0) ldnmkt@ldn.eri.ch BANKING EDUCATION Chartered Institute of Securities & Investment (CISI) CISI helps members attain, maintain and develop their knowledge and skills. It promotes the highest standards of ethics and integrity in the securities and investment industry. The CISI is the leading examining, training and membership body for the securities and investment industry in the UK. Over 40,000 members benefi t from our programme of professional and social events. The CISI provides vocational qualifi cations attracting over 35,000 candidates annually. Based in the City of London, the CISI is a global organisation with offi ces in fi nancial centres including Dublin, Singapore, Dubai, Mumbai and Shanghai. Lora Benson Telephone: +44 (0) Lora.Benson@cisi.org Gatehouse Bank Gatehouse Bank plc is a fully Shariah compliant wholesale investment bank based in the City of London. It has six key areas of business: Capital markets (including Sukuk issues and syndicated fi nancings; Institutional wealth management; Real Estate; Placement; Shariah advisory services and Treasury products. Antonella Annunziata Telephone: +44 (0) antonella.annunziata@gatehousebank.com ADVISORY & CONSULTANCY MARKET INTERMEDIARY DDCAP DDCAP provides wholesale intermediary services to Islamic fi nancial market participants and holds a unique market position as facilitator across a diverse range of Shariah compliant assets and products. Natalie Morse Telephone: +44 (0) n.morse@ddcap.co.uk IFAAS IFAAS (Islamic Finance Advisory and Assurance Services) is a Europe based independent consultancy with offi ces in Birmingham (UK) & Paris (France), specialised in providing advisory services to fi nancial institutions in the critical area of Shariah Compliance. Ghezala Sultan Telephone: +44 (0) Ghezala.sultan@ifaas.com The World Islamic Banking Conference 19

22 PR contact information continued BUSINESS SUPPORT SERVICES & RESEARCH EXCHANGE & LISTINGS International Financial Services London (IFSL) IFSL is the only independent organisation representing the whole UK fi nancial services sector. We promote the industry around the world, infl uence trade policy and regulation and publish defi nitive research on the sector, including the IFSL Islamic Finance Report, Andrew McHallam Telephone: +44 (0) London Stock Exchange The London Stock Exchange is at the heart of the global fi nancial market and is home to some of the largest, most successful and dynamic companies in the world. To date over US$11 billion has been raised through 19 issues of sukuk on the London Stock Exchange. Jonny Blostone Telephone: + 44 (0) jblostone@londonstockexchange.com PROFESSIONAL SERVICES ACCOUNTING & TAX LEGAL & PROFESSIONAL SERVICES KPMG KPMG s Islamic Finance Group (IFG) comprises of a global network of professionals with in-depth knowledge of Islamic fi nance providing practical, value added assistance to KPMG fi rms clients across a range of specialisms and issues including risk management, fi nancial reporting, regulation, compliance-related issues, Shariah governance and taxation. Amanda Beto Telephone: amandabeto@kpmg.com INWARD INVESTMENT SERVICES Norton Rose The Norton Rose Group has been present in the Middle East for over 30 years and has always been known for our strong banking and fi nance practice. The fi rm s Islamic Finance Group has undertaken ground-breaking work, varying from some of the fi rst cross border Murabaha and Ijara asset deals in the eighties and nineties to the product launch of the Islamic Bank of Britain; we assisted in the removal of double stamp duty in the United Kingdom and have structured many novel Shariah compliant solutions, always working closely with internationally renowned scholars. Simon Agar Telephone: simon.agar@nortonrose.com PROFESSIONAL SERVICES LEGAL Locate in Birmingham Birmingham, a thriving international city, is at the centre of the United Kingdom s communications network, offering a business client base that is second to none and a large and skilled workforce to supply your company needs. Retail bank, The Islamic Bank of Britain located its HQ in Birmingham, UK. Phil Doherty Telephone: +44 (0) phil_doherty@locatebirmingham.com Simmons & Simmons The Simmons & Simmons Islamic fi nance practice advise on both advanced and traditional Islamic fi nance structures. Our lawyers are recognised as leading lawyers in Islamic funds, Islamic structured products, Islamic banking and fi nance as well as Islamic project fi nance. We advise Islamic and conventional fi nancial institutions, as well as corporate and governmental bodies, on a wide range of structures in the Middle East and internationally. Our deep understanding and adherence to Shariah principles provides us with a market leading capability to devise robust structures from a legal, risks and Shariah perspective, before obtaining Shariah approval. Tariq Hameed Telephone: tariq.hameed@simmons-simmons.com 20 The World Islamic Banking Conference

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24 We invite you to partner with the UK 16th Annual The World Islamic Banking Conference 2009 UK TRADE & INVESTMENT ARE PLEASED TO HOST THE UK PAVILION ON BEHALF OF: UK Trade & Investment is the government organisation that helps UK-based companies succeed in the global economy and assists overseas companies to bring their high-quality investment to the UK. For further information, please visit For more information on the WIBC in 2009 visit