The Islamic Finance Council UK (UKIFC) is a specialist advisory and development body focused on promoting and enhancing the global Islamic and ethical finance industry.
The organisation was launched in 2005 by a group of like-minded professionals who sought to make a contribution to the development of the new and exciting Islamic finance industry. The founding directors, comprising a banker, an accountant and a lawyer, recognised that it was not within the mandate of their current businesses to invest resources into growing this young and emerging sector. The idea was conceived to establish a not-for-profit organisation which could provide a formal platform for them and others to dedicate their time and expertise, on a pro bono basis, to drive the sector forward.
The initial priority of the UKIFC was to support the expansion of the UK consumer retail market where the existing infrastructure was not considered adequate for the Muslim minority population. At the global level the organisation sought to contribute by developing pioneering capacity building programmes for Shariah scholars and encouraging improvements in regulatory policy.
Since its modest beginnings the UKIFC has remained committed to its guiding principle of making a tangible, positive impact to the sector. The team has advised governments, authored technical reports, presented at international conferences and developed training programmes which, collectively, have changed global regulation and played a leading role in exploring the relationship between Islamic finance and the broader ethical finance arena.