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

LONDON, June 22, 2011 -

TheCityUK ( href="www.thecityuk.com/">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 href="thecityuk.com/uk-financial-services-overseas/sectors/islamic-finance/">
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 href="thecityuk.com/financial-services-in-the-uk/">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 href="www.thecityuk.com/">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 href="www.thecityuk.com/">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 href="www.thecityuk.com/">www.thecityuk.com/

Contact: Tim Skelton-Smith, TheCityUK, Head of Marketing Communications, +44(0)20-7776-8970, tim.skelton-smith at thecityuk.com