London : Thursday, June 15, 2006

Chancellor of the Exchequer of the UK Govt., Rt Hon Gordon Brown announced the intention of the UK Government to make the United Kingdom a gateway for Islamic trade and finance and thus cultivate the ground for stronger trading links between UK and the Muslim World.

This endeavor, the Chancellor pointed out, would not just help the UK economy but also help to narrow the divisions between the West and the Muslim World. While stating that countries can become closer through trade and economic cooperation, the Chancellor recognized the Islamic Development Bank as the leading multilateral development financing institution helping to alleviate poverty, and increase trade among nations. Calling for global fight against poverty, he quoted liberally from the Hadith and explained the need for poverty alleviation, imparting better education etc.

Addressing the two-day conference in London this week organized by the Muslim Council of Britain, H.E. Dr Ahmad Mohamed Ali said that trade could be an instrument for fruitful dialogue and partnership between nations in addition to helping the developing countries to stand on their own feet. The President expressed the hope that the conference would open new opportunities for improving trade relations between the UK and the OIC countries especially in the wake of the fact that London is emerging as the fastest centre for Islamic banking.

Mr. Callum Mcarthy, Chairman of the Financial Services Authority of the UK Government announced that the government would soon unveil a framework to bring Islamically compliant "home purchase" plans within its sphere of regulation and also address the status of the Islamic bonds known as sukuks.

The statement of the Secretary General of OIC was read by Sheikh Ibrahim bin Khalifa al Khalifa, Chairman of AAOIFI, Bahrain. Several leading Islamic scholars and experts in Islamic financing including Sheikh Mufti Taqi Osmani, reputed Shariah scholar and retired Justice of the Shariah Court of Pakistan spoke and presented papers at the two day conference. Sir Iqbal Sacranie, past Secretary General of the MCB gave an overview of the Conference. Dr Mohamed Abdul Bari, new Secretary General of the MCB thanked the participants.