Islamic finance forum in City for first time

THE MALAYSIAN Prime Minister and Boris Johnson launched the first World Islamic Economic Forum (WIEF) to be held outside of Asia yesterday, which will go ahead in London during October.

The event is expected to attract 1,500 business leaders, including heads of state from the Islamic world. Tun Musa Hitam, WIEF chairman, said: “It is symbolic of the Muslim world’s desire to reach out beyond our borders”.

Boris Johnson, the Mayor of London, lauded the capital as an important centre for Islamic finance in the western world, citing the 22 Islamic banks that operate in the city. He also joked: “Speaking as a mortgage holder in this city, I’m particularly interested in the idea of not paying interest”.

Johnson also lauded the involvement of Malaysian investors in the redevelopment of Battersea Power Station, which will soon be transformed into hundreds of apartments and offices.