Gulf Islamic finance centres 'no threat to London'

LONDON CALLING: The Lord Mayor of London does not see Dubai and Bahrain as a threat to London's Islamic finance industry. (Getty Images)

The emergence of Bahrain and Dubai as centres for Islamic finance is not a threat to London’s status as an industry hub, according to the Lord Mayor of the City of London.

While London’s share of the total Islamic finance industry will decline, the growth of the sector means that the actual size of the business in the UK capital will continue to grow, Ian Luder told MBA students at Cass Business School in Dubai.

“I don’t regard it as a threat, I actually regard it as a significant opportunity,” he said.

The global financial services industry will continue to grow even though the job market for recent graduates is looking bleak this year, he told the students.

The Lord Mayor is heading up a delegation that seeks to attract UAE investment into UK businesses.

As head of the City of London Corporation, which provides business and local government services to the City, London’s financial district, the Lord Mayor of London’s principal role is ambassador for all UK-based financial and professional services.

According to a recent report from International Financial Services, London is the leading western centre for Islamic finance. More than $10 billion of Islamic bonds is listed on the London Stock Exchange.

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