UK Tories would maintain Islamic finance focus - expert

ISLAMIC FINANCE: The UK has undergone a series of tax and law changes in the last few years.(Getty Images)

The UK Conservative Party would foster the development of Islamic finance as much as the Labour government, if it comes to power after next year's general election, an Islamic finance expert linked to the Party said.

Mohammed Amin, partner and head of the UK Islamic Finance practice at PricewaterhouseCoopers (PwC), said at a conference on Wednesday: "All the ways (in which) Labour has supported Islamic finance would be every bit as valuable under David Cameron (Conservative Party leader) as prime minister.

"The next conservative government would be very supportive of Islamic finance," he told delegates of the Islamic Finance News Roadshow 2009 conference in London.

Amin said he was speaking as vice-chairman of the Conservative Muslim Forum, an affiliate of Cameron's party working to encourage support from the Muslim community.

The UK has undergone a series of tax and law changes in the last few years to allow the launch of retail Islamic-compliant services such as mortgages, bank accounts and insurance.

In April the budget 2009 changed the tax regime to facilitate Islamic-debt issuance and encourage the growth of London as an Islamic finance hub.

Rules were changed to remove fiscal penalties to UK companies willing to issue sukuks, or Islamic bonds, effectively ending a regime which would have double-taxed the transactions needed to set up a sukuk.

The government however shelved its plans to launch a sovereign sukuk last November, citing the troubled market conditions in the wake of the Lehman Brothers collapse.

Amin said the Conservative party had been quiet about the Islamic finance field because there was "no political mileage" in highlighting the achievements of the Labour government.

The Conservative Party is widely tipped to be the winner of the next general election next year. The party did not return Reuters' requests for comment. (Reuters)

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READERS' COMMENTS

Rubbish
Posted by Kia Foster, London, UK on Monday 28 September 2009 at 12:18 UAE time


I quote your other poster, "....Islam and Conservative Soical Political & Economic values are very close to each other .."

Please dont make me be sick. The actual fact of the matter is that 99.9% of politicians whether Labour, Conservative, LibDem or UKIP are ONLY interested in how much money THEY can make from being a politician. This has been shown recently (excepting UKIP who were not involved) by the large scandal. Lets not forget, for one example, that Labour is meant to represent the "working man" . That is absolute rot now. Look at Tony Blair, who is now a multi millionaire because of politics. He does NOT in any way shape or form represent the "working man" he represents the "selfish greedy man". Look at David Cameron, the Conservative, who will say anything to get into power.

We in UK have a LOT more to worry about thank you than whether or not Conservatives will support Islamic finance !!!

Agree 100%
Posted by Riyad, Dubai, UAE on Wednesday 23 September 2009 at 06:32 UAE time


Islam and Conservative Soical Political & Economic values are very close to each other ( such as supporting property rights, free trade ...etc).
I think international institutions involvement in Islamic Finance field & the western care of this industry , will help very much in promoting the true and right Islamic Economic values ... And will help in Shifting the Islmic Finance toward more advanced and creative areas.

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