Channel Islands sets its sights on Islamic finance

Added 11th August 2016

The Channel Islands Securities Exchange (CISE) is planning to introduce Islamic finance guidance notes to accompany all its listing rules, in a bid to capitalise on the renewed interest in Islamic finance.

Channel Islands sets its sights on Islamic finance

The exchange is already home to a number of debt securities and investment vehicles that are Islamic finance structures.

One such structure combines insurance linked securities (ILS) with Islamic bonds, known as sukuk.

CISE said that it has recently seen more enquiries about Islamic finance listings and is taking steps to capitalise on the renewed interest.

The plan to introduce Islamic finance guidance notes forms part of CISE's revision of its listing rules for investment vehicles. 

Islamic finance qualification

Ben Snook, manager at the Channel Islands Securities Exchange Authority (CISEA), which operates and regulates CISE, has obtained the Islamic Finance Qualification from the Chartered Institute of Securities and Investment (CISI).

“It sends a very strong message to the marketplace that [...] we open to Sharia compliant, Islamic finance listings."

Snook said: “The Islamic finance market is growing rapidly. This is particularly the case as wealth from the Middle East is supplemented by the development and export of capital from countries such as Malaysia, Indonesia and Singapore in southeast Asia.

Speaking about his new qualification, Snook said: “It is an area of significant opportunity and I was very keen to learn more about the principles of Sharia law and Islamic finance and how they are applied to the treatment of assets, including through listed vehicles.”

Open to Sharia listings

Fiona Le Poidevin, chief executive of the CISE, said: “It is fantastic that we have a member of staff who is conversant with Islamic finance and especially that this is being supported by the introduction of guidance notes for these listings.

“It sends a very strong message to the marketplace that not only are we open to Sharia compliant, Islamic finance listings but that we have a framework of knowledge and expertise to ensure the suitable consideration and oversight of that part of our market.”

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Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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