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Press Release UK Economic Secretary to the Treasury and City Minister, The Rt Hon. Kitty Ussher MP, will address delegates attending the 2008 London Sukuk Summit at a Special Luncheon Reception on 26th June 2008 organized by UKTI, the trade promotion division of the UK Department of Trade & Industry. The reception will be held at the historic Lancaster House in St James's Place. Minister Ussher will update delegates on the latest development in the UK initiative towards the possibility of issuing a sovereign Sukuk in the wholesale sterling market. On 2nd of June, after chairing a meeting of the Islamic Finance Experts Group (IFEG) at the Treasury, Minister Ussher announced that the UK Government favoured a 'bill-like' Sukuk programme which could be fully integrated with the conventional Treasury bill programme. Subject to some remaining barriers to be surmountable, a rolling programme of up to around UK£2 billion of 'bill-like' Sukuk issuance would be achievable over time. "Today's discussion has emphasised both the importance of the Islamic finance sector to the City and the Government's commitment to ensuring the continued growth of this important sector in the future. The Government is determined to maintain its momentum on work on Islamic finance and to make clear to stakeholders its commitment to this industry," she stressed. The Treasury, she further revealed, plans to publish a paper detailing the UK strategy on Islamic Finance by the end of 2008 and an update of the Sukuk initiative in the Pre-Budget Report in autumn 2008. This paper would clarify the role of the Government in the development of this sector and importantly, the steps that industry will need to take to ensure that Islamic finance becomes one of the UK's success stories. "Our hope is that the strategy paper will provide Government, industry and the third sector with a definitive assessment of the areas that need to be addressed to facilitate the development of the sector in the UK," explained Minister Ussher. Mr David Richards, CBE, Chairman of Aston Martin will be the Guest of Honour at the Gala Dinner on the evening of 25th June and will address guests on the pioneering GBP522 million acquisition of Aston Martin Car Company from Ford Motor Company by a consortium led by Kuwait's The Investment Dar Company (TID) and ADEEM Investments & Wealth Management, and the inter-action of Islamic finance with investment opportunities in UK asset classes. The Gala Dinner is sponsored by Saudi Arabian Basic Industries Corporation (SABIC), one of the world's largest petrochemical exporters, on the evening of the 25th June 2008. The Gala Dinner will also host the Annual Sukuk Summit Awards of Excellence. The London Sukuk Summit is specifically aimed at keeping you informed about the Sukuk market developments and innovation; to provide a platform for dialogue with your peers; and to give you a voice in contributing to the future direction of the Islamic debt and capital markets! If you have any interest in Islamic capital markets or in Sukuk and other Islamic commercial papers, this is a Summit which you simply cannot afford to miss. We look forward to seeing you at this unique and ground-breaking event!
Book online now to avoid disappointment: www.sukuksummit.com/london |
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| Summit Secretariat | Sukuk Summit 2008 | ICG, First Floor Albion House, 470 Church Lane, Kingsbury, London NW9 8UA, UK |
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