Islamic Finance Sectoral Advisory Group

TheCityUK’s Islamic Finance Group is the leading cross-sectorial body active in the development and promotion of the UK’s Islamic Finance sector.

The promotion of Islamic Finance and the cementing of London’s position as the western hub for Islamic Finance has been UK Government policy since 2013. Islamic Finance has been one of the nine work streams of the HM Treasury led Financial Services Trade and Investment Board.

To meet developments in global and UK Islamic Finance, TheCityUK Islamic Finance Sectoral Advisory Group was established.

The Group’s aims are:

  • To provide thought leadership on the direction of policy and activity relating to members’ interests in Islamic Finance.
  • Recommend to HM Government policy and trade & investment activity to progress the development and promotion of the UK’s Islamic Finance sector.
  • To advise HM Government on international and domestic issues relating to the Islamic Finance sector including those pertaining to liquidity requirements and the regulatory and legal environments that impact on the operational efficiency of UK Islamic banks and other Islamic financial institutions.
  • To encourage the use of Islamic financial structures for inward investment, project finance etc and to promote the use of Sukuk as an asset class with large funds and investors from the UK and overseas.
  • To develop and extend relations with UK and international decision-makers, regulators and economic and business stakeholders.


Our practioner led group meets formally four times a year and additionally on an ad hoc basis to engage with Government and visiting delegations. Group members are drawn from the full membership of the TheCityUK and includes conventional and Islamic Banks, financial intermediaries, law firms, accountants, consultancies, exchanges, ETQ providers and rating agencies. The group has provided briefing on Islamic Finance and supported overseas visits by the Prime Minister, Government Ministers and the Lord Mayor when Islamic Finance has been discussed.

We have engaged with the UK and international authorities on the burden being imposed by regulatory reform and the disproportionate impact liquidity requirements can have on the smaller Islamic banks.

This year we have met with delegations from the Islamic Development Bank, Bahrain, Malaysia, Indonesia and Kazakhstan to discuss topics as varied as the UK’s sovereign sukuk, the use of sukuk by corporates, regulation and global standard for Islamic finance and the provision of training and qualifications.

Over the coming months we will have members meetings with the Central Bank of Malaysia and the regulator from Indonesia. We are in discussion with the Bank of England regarding the development of their facility for the UK’s Islamic Banks. We are also discussing with the UK Government how we can help them attract Islamic investment to meet infrastructure and project funding requirements and the use of sukuk by corporates.

For more information about the work of the Islamic Finance Sectoral Advisory Group please contact us.