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CISE TAKES STEPS TO WELCOME MORE ISLAMIC FINANCE LISTINGS

The Channel Islands Securities Exchange (CISE) is looking to capitalise on a renewed interest in Islamic finance listings.

Ben Snook
Ben Snook

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

One is award-winning for being particularly innovative in combining Insurance Linked Securities (ILS) with sukuk, which are Islamic bonds. It what was the first ever securitisation of takaful (Sharia compliant) insurance policies.

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

Ben Snook, Manager at the Channel Islands Securities Exchange Authority (CISEA), which operates and regulates the Exchange, has obtained the Islamic Finance Qualification from the Chartered Institute of Securities and Investment (CISI). He also attended the Sukuk Summit held in London in May.

Mr 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 South East Asia. 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. Both the qualification and the conference have provided useful insights into how we can develop our offering for Islamic finance at the Exchange.”

The Exchange is currently in the process of revising its listing rules for investment vehicles and in addition, is planning to introduce Islamic finance guidance notes to accompany all its listing rules.

Fiona Le Poidevin
Fiona Le Poidevin

Fiona Le Poidevin, CEO of the CISE, said: “I’d like to congratulate Ben on achieving this qualification. 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.”