Meetings and Events

Stakeholder Meeting – Apr26

The meeting followed up action points from the previous meeting providing updates on engagements with FCA, the Treasury and other stakeholders.  Over 35 attendees participated including representatives from BoE, HMT, FCA and leading IFIs. Discussions also covered the Renting Homes (Wales) Act, the opportunity to reset the UK’s ambition in Islamic finance as a tool to drive growth and the importance of the UK sovereign sukuk.

Stakeholder Meeting – Nov25

The meeting followed up action points from the previous June meeting. Discussions focused on FCA licensing, Islamic and ethical pensions guidance, Building Safety Act and Islamic private securitisation. Other discussion points included the HMT sovereign sukuk, co-operative societies and forthcoming positive developments in the retail insurance (takaful) arena.

The positive momentum of the APPG and prompt engagement by the various government departments was noted by the Co-Chairs, Naz Shah MP and Lord Alderdice, and welcomed by the industry participants.

Stakeholder Meeting – Jun25

The meeting had a full agenda covering six principle discussion points along with three additional points. The agenda was based on the priority areas identified in the previous meeting and subsequent submissions made by members.

Principle discussion points included the Gatehouse Bank Report, BSA, Pensions, Private Securitisation, FCA Licensing, BoE ALF Limits and CGT on Diminishing Musharaka. Further discussions on education and awareness, Welsh housing legislation and takaful development in the Hajj and Umrah sector.

Stakeholder Meeting – Feb25

Following reconstitution, the stakeholder meeting was was well attended welcoming c.30 participants. Lord Alderdice initiated proceedings and highlighted the role for APPGs in raising key market issues with government stakeholders.

Discussions points included updates on HMT approach to CGT related issues for diminishing Musharaka home finance, Alternative Student Finance, Shariah-Compliant Pensions and LGPS, Building Safety Act & Islamic Mortgages, Islamic Private Securitisation and Regulatory Delays in Islamic Finance Licensing.

Other discussions points included comments from the University of Bradford representatives on the need for
further market research and concerns regarding the Financial Inclusions Committee strategy having a gap in relation to Islamic Finance and the requirement under the Fair Banking Act to finance CDFIs and Credit Unions.

Note of thanks was recorded to Riba Free Foundation (RFF) who facilitated volunteer support to assist the UKIFC team in administrating the APPG.

The APPGIEF was reconstituted following the General Election in Dec 2024.

Stakeholder Meeting – Jan24

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:

Stakeholder Meeting – Apr23

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:

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.