UK’s top policeman resigns amid shooting inquest

The resignation of Britain’s top policeman has stunned the family of an innocent man shot dead by police officers who mistook him for an Islamic terrorist: Although the controversy surrounding Sir Ian Blair – who quit as commissioner of the Metropolitan Police in London at the end of last week – remained focused yesterday on claims of political interference, there have long been doubts that he could have survived in his job after an inquest into the shooting of Jean Charles de Menezes. The inquest into the death of the 27-year-old Brazilian, who was working in London as an electrician when he was shot eight times as he sat on a tube train after being mistakenly identified as a suicide bomber, began just over a fortnight ago and is expected to end in the next three to four weeks. Immediately after the July 22, 2005 shooting, which occurred two weeks after four young Muslim extremists had detonated suicide bombs on London’s transport system killing 52 commuters, Mr Blair said during a press conference that Menezes was “directly linked” to a second group that had tried, but failed, to cause other explosions on buses the day before. In fact, as The Times, of London, pointed out last week, “everyone in Scotland Yard seemed to know that they had shot the wrong man – everyone, that is, except the man at the top”. David Sapsted reports.

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UK Islamic banks to double in five years

With the Sharia-compliant market growing by up to 15 per cent a year and estimated to be worth a trillion dollars (Dh3.67tn) by 2010, the number of Islamic investment banks in the UK is predicted to double within five years, said Samer Merhi, the executive director of the Gatehouse Bank, an Islamic finance house based in the UK. “It has the potential to grow because of the high demand and the interest to make the UK the international heart of Islamic finance business,” Mr Merhi said at an Islamic finance forum in Kuala Lumpur last week. Gatehouse, a subsidiary of the Securities House of Kuwait, which started operating in London in April, is one of five Islamic investment banks based in the UK. There is also one fully fledged retail bank, the Islamic Bank of Britain, which became the first independent Islamic bank in Britain to register with the Financial Services Authority (FSA) in 2004.

It was an institution established with considerable input from the Abu Dhabi Islamic Bank to give the two million-plus Muslims in the UK a bank of their own, although now more than 20 other conventional UK banks are offering customers Sharia-compliant products. With active encouragement from the government – and, particularly, then-chancellor Gordon Brown – the UK became the first EU member state to authorise Islamic banks. Though the French are now doing their best to catch up, it has maintained its lead by adopting a level regulatory playing field for both traditional and Sharia-compliant banks. David Sapsted reports.

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UK Islamic banks to double in five years

With the Sharia-compliant market growing by up to 15 per cent a year and estimated to be worth a trillion dollars (Dh3.67tn) by 2010, the number of Islamic investment banks in the UK is predicted to double within five years, said Samer Merhi, the executive director of the Gatehouse Bank, an Islamic finance house based in the UK. It has the potential to grow because of the high demand and the interest to make the UK the international heart of Islamic finance business, Mr Merhi said at an Islamic finance forum in Kuala Lumpur last week. Gatehouse, a subsidiary of the Securities House of Kuwait, which started operating in London in April, is one of five Islamic investment banks based in the UK. There is also one fully fledged retail bank, the Islamic Bank of Britain, which became the first independent Islamic bank in Britain to register with the Financial Services Authority (FSA) in 2004. It was an institution established with considerable input from the Abu Dhabi Islamic Bank to give the two million-plus Muslims in the UK a bank of their own, although now more than 20 other conventional UK banks are offering customers Sharia-compliant products. With active encouragement from the government – and, particularly, then-chancellor Gordon Brown – the UK became the first EU member state to authorise Islamic banks. Though the French are now doing their best to catch up, it has maintained its lead by adopting a level regulatory playing field for both traditional and Sharia-compliant banks. David Sapsted reports.