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Islamic Banking in The UK

13 June 2006    Warren Edwardes interviewed by David Stringer of Associated Press.

"There has been an exponential growth in issues of Sukuk (Islamic Asset backed Notes) in the past few years and many banks in the Gulf are converting or have converted from conventional to Islamic Banking" says Warren Edwardes, CEO of financial product risk and innovation consultancy Delphi Risk Management. "The UK authorities - The Bank of England, FSA and The Treasury - have been supportive of Islamic Banking for some years. This has enforced London's already pre-eminent position in the market. London has long been a leader in global capital markets from the days of post-war Eurobonds to gold and commodity trading and international banks have their capital markets headquarters here rather than elsewhere. So it is only natural that a new global market such as Islamic Banking will be London based.
"Beyond capital markets and increasingly Islamic derivatives, London will be used as a stepping-stone by banks to serve the European Islamic community."
"Exporting firms seeking to curry favour with Gulf importers will be well advised to structure any export related financing in a Sharia compliant way."
"There remain gaps in the Islamic market. The embryo state of Islamic Derivatives, Asset/Liability Management and Liquidity management is an issue that is being tackled. Sukuk are held to maturity and there is virtually no secondary market trading. So marking to market has to be benchmarked versus conventional similar assets and a yield curve is absent."

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Warren Edwardes is CEO of Delphi Risk Management, the London-based financial product creativity, communication and control consultancy.

Warren was previously on the board of Charterhouse Bank and has worked in the treasury divisions of Barclays Bank, British Gas and Midland Bank. He first researched into what were later to be called "derivatives" in 1975 and was part of the team that executed one of the world's first currency swaps in 1981. Since then he has devised and transacted numerous structures that form part of the history of derivatives. Warren can be contacted via we@dc3.co.uk

Warren Edwardes <note  spelling of edwardes> is author of best seller "Key financial instruments: understanding and innovating in the world of derivatives" which includes an appendix on Islamic Banking.  see http://dc3.co.uk/kfi

Delphi Risk Management: Delphi creativity Delphi communication & Delphi control are the Innovation, Communication & Risk Management arms of Delphi Risk Management Limited 

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