18 July 2008
City of London leader predicts major growth in UK takaful
The leader of London’s business and financial services industry,
Lord Mayor David Lewis, supported a significant expansion in the
UK’s takaful industry in a speech at the International Takaful
Summit in London on Wednesday 16 July. Takaful is insurance which
follows Islamic law.
The Lord Mayor said:
“There is considerable scope for growth in takaful. In the UK we
expect the size of this market to increase because of the size and
sophistication of our insurance market. The interest in takaful has
never been so great.”
London is already a leader in Islamic finance, which makes it
the natural location for the development of takaful. David Lewis
said:
“London is a gateway to opportunities for Islamic finance in
Continental Europe and a growth market for takaful. Some 24
institutions already provide some sharia-compliant services – four
times more than anywhere else in Europe.”
The City of London is committed to supporting this exciting new
area of business.
“We are looking to support takaful through educating people,
concentrating capital and putting in place the right regulation.
For example, the Chartered Institute of Insurance is bringing
takaful insurance qualifications to the UK in September this
year.”
Notes to editors
- For a full copy of the Lord Mayor’s speech please
email.
- The Lord Mayor acts as the ambassador for UK-based financial
services and spends around 100 days of his year visiting more than
20 countries. He is also the annually-elected head of the
City of London Corporation which provides local government services
for the Square Mile, the financial and commercial heart of the UK.
The Lord Mayor, the City of London, UKTI and the UK Treasury work
in partnership to promote UK financial services.
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Further information about the Lord Mayor.
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Lord
Mayor’s CV.
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High-resolution image.
Press enquiries
Laura Citron, City of London
T: 020 7332 1835 or 07884 295 736