The Annual General Meeting to reconstitute the APPGIEF was held on 22nd February 2023 and the next reporting deadline is scheduled for 22nd June 2024.

Second Stakeholder Meeting

The second stakeholder meeting was held on Tuesday, January 30, 2024 with about 30 participants. The meeting focused largely on sharing the findings of the Call for Evidence (CfE) on the Financial Inclusion of Muslims in the UK which was issued by the UKIFC in August 2023. It received over 70 expert responses from financial institutions, scholars, entrepreneurs, practitioners, academics, professional service providers, community groups and charities.

Sultan Choudhury, Advisory Board Member of the UKIFC, gave a summary of the findings of the CfE followed by Chris Tait (UKIFC) who gave an overview of the next steps for the CfE.

Haytham Agabani from the HM Treasury discussed the recently issued consultation on tax simplification for alternative finance.

Discussion points from stakeholders included:

  • Possibility of further research for the CfE targeting retail consumers
  • Resource requirements to implement action plan for the CfE
  • need to make CGT legislation retrospective so as not to damage market confidence
  • Update on alternative student finance
  • Other market developments

First Stakeholder Meeting

The first stakeholder meeting was held on 26th April 2023. APPGIEF Co-Chair Naz Shah MP gave the welcome remarks and highlighted the key points in relation to APPGIEF. She also noted the areas of focus – financial inclusion and market issues. Lord Alderdice also gave some remarks. Chris Tait of UKIFC gave an overview of progress made before the death of Lord Sheikh. 

Naz Shah MP gave an opportunity to stakeholders to give their feedback.

Discussion points included:

  • Clarifying the application of ‘ethical’ and ‘Islamic’ terminologies
  • Concerns around failure to have an alternative student finance
  • Issue of Capital gains tax around second properties
  • Unequal opportunities in UK financial services market for Islamic finance institutions
  • Lack of access to Islamic Finance for “average” Muslims due to pricing
  • Lack of grants and financing options for Islamic small businesses which is forcing them to look outside the UK
  • Lack of trust between Muslim institutions/Islamic financial institutions which has led to a decline in the UK Islamic Finance sector

Lord Alderdice gave the closing remarks.

Following this meeting, Lady Sheikh delivered a eulogy in the presence of members and close associates of the Late Lord Sheikh.

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