Good pool of UK talent to base growth for Cameron’s Islamic finance ambitions, expert says

Faizal Karbani, founder of Simply Sharia, tells Recruiter that the UK has a good pool of talent on which to fuel development of London as a global centre for Islamic finance.

Mon, 11 Nov 2013Faizal Karbani, founder of Simply Sharia, tells Recruiter that the UK has a good pool of talent on which to fuel development of London as a global centre for Islamic finance.


However, he adds “there is a real danger we could lose talent overseas”.

Talent shortages or even a talent exodus could endanger David Cameron’s plans to create that global centre, recruiters say.

Last month, the prime minister set out plans to establish a new Islamic index on the London Stock Exchange, which will help investors comply with Islamic finance principles, such as bans on investing in alcohol. Other principles of Islamic finance include a prohibition on interest, and excessive uncertainty in contracts.

Cameron also detailed proposals for Britain to become the first country outside the Muslim world to issue its own Islamic bond, known as a ‘sukuk’.

Karbani says that talent is already leaving the UK, with many British finance professionals, lured by low tax and attractive remuneration packages, working in Dubai, Abu Dhabi, and Qatar.

Cameron’s announcement has sparked interest in the sector, says Samina Akram, founder of specialist Islamic finance consultancy Samak Consultants, adding: “It is going to be an exciting time for the industry.”

Akram says that while London is generally well placed in terms of skills, there are certain shortages, with a lack of Islamic scholars being a particular problem. Scholars decide whether a particular financial offering or service complies with Islamic law, she explains.   

Islamic finance is global in its nature, and this is a problem for the UK, she says, because “very few UK scholars have international credibility”. Indeed, Akram estimates there are only “about 10 in the world” who are true global experts.

A spokesperson at the Bank of London and The Middle East (BLME) tells Recruiter there is no shortage of expertise in London, with many students also looking to enter the sector.

BLME prefers to hire people with experience in Western finance and to train them “to understand the Islamic finance aspects of what we do”, she says.

Twitter Twitter

Snow joke for Midlands recruiters

As large parts of the country awoke yesterday to a winter wonderland, recruiters have had mixed fortunes in terms of temps turning up for assignments and clients opening their doors this morning.

11 December 2017

CONTRACTS & DEALS: 11-15 DECEMBER 2017

This week’s contracts and deals include: CSG, Job Matrix, Recruitive

Contracts 11 December 2017

Government washing its hands of blacklisting says union

Unite has accused the government of washing its hands on the issue of blacklisting in the construction industry following a nationwide day of action by the trade union, which threatened to draw recruiters into the firing line.

7 December 2017

Vital Recruitment plans Christmas treat for one lucky worker

Working at Christmas can be miserable but one Peterborough-based recruiter is planning to make it a memorable occasion for one lucky worker this year.

Lighter Side 7 December 2017
Top