Cima: London to become Islamic finance centre

News Article - Thursday, December 20, 2007

filed under: Industry

The Islamic finance industry is growing at a rate of up to 20 per cent a year making it an "attractive niche" area, according to the Chartered Institute of Management Accountants (Cima).

According to the organisation, although a number of cities including Kuala Lumpur and Hong Kong are seeking to become the global centre for the Islamic finance industry, London has strong trading links with the Middle East.

John Willsdon, learning and development specialist for Cima, said that amendments by the UK government have been made in order to allow Islamic financial business to progress.

Amendments to stamp duty rules to comply with Islamic sharia law have ensured that despite being sold twice, Islamic mortgages are not subject to double stamp duty.

"The Middle East is seen as a very important growth area for most developed countries," he added. "Offering trade to the Middle East which is sharia compliant would give the UK a strong advantage."

Cima is the first chartered accountancy body to offer a global Islamic finance qualification.

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