Asked by: Chuka Umunna (Liberal Democrat - Streatham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate his Department has made on the benefit to UK companies of an increase in the capacity of the UK's Islamic finance market.
Answered by David Gauke
Islamic finance is the one of the world’s fastest growing sectors - according to estimates from TheCityUK, at the current rate of growth, the market will exceed US$2 trillion in assets by the end of this year.[1] The Government has not estimated the benefits to UK companies of the expansion of the UK’s Islamic finance market, although we recognise the significant opportunity it represents UK firms.
The Government is committed to ensuring that the UK remains the global partner and destination of choice for Islamic finance. In June this year the Government was the first western country to issue a sovereign sukuk, an Islamic bond, worth £200 million. This cemented the UK’s position as the western hub for Islamic finance and demonstrates that the UK has created a level playing field which puts Islamic finance on par with conventional forms of finance.
The UK has a high concentration of Islamic finance and related professional services firms: 6 full Islamic banks, over 20 banks offering Islamic finance products and services, and over 25 UK law firms have Islamic finance units. As the Government continues its efforts to develop the UK’s Islamic finance market, we expect further opportunities and benefits to arise for UK companies although these have not been estimated.
Asked by: Chuka Umunna (Liberal Democrat - Streatham)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, what meetings Ministers in his Department have had on UK Islamic finance initiatives since 15 July 2014.
Answered by Lord Swire
My right hon. and noble Friend the former Minister of State (Baroness Warsi) met Foreign and Commonwealth Office officials to discuss UK Islamic Finance initiatives on 30 July. I wrote to all members of the Global Islamic Finance and Investment Group on 20 October, and to the Deputy Governor of the Bank of England on 29 September, to progress the agenda on our Islamic Finance initiatives. In addition, the Economic Secretary to the Treasury, my hon Friend the Member for South Northamptonshire (Ms Leadsom), represented the UK at the World Islamic Economic Forum in Dubai between 27-29 October 2014.
Asked by: Mark Pritchard (Conservative - The Wrekin)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to extend Sharia financing within the UK banking system.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
There are currently no plans to extend shari'ah compliant financing into the UK banking system, but the Government will continue to work with the financial services industry to broaden the range of shari'ah compliant products and services available in the UK, and encourage the industry to play its part. The Government welcomes, for example, the recent creation of an Islamic Account by Lloyds Bank. This account allows customers who cannot receive credit or debit interest due to their religious beliefs to hold a bank account in the UK and is available to all UK citizens regardless of background or faith.
Furthermore, The Bank of England has recently announced that it will be commencing work to assess the feasibility of establishing a shari'ah compliant facility next year, which the Government welcomes. Any such facility will help Islamic banks in the UK to better meet their obligations under the liquidity rules, bringing Islamic finance further into the mainstream.
Asked by: Marquess of Lothian (Conservative - Life peer)
Question to the Foreign, Commonwealth & Development Office:
To ask Her Majesty’s Government what information they have on the external funding of ISIL; and what discussions have been held with the governments of (1) Saudi Arabia, and (2) Qatar, on the external funding of ISIL.
Answered by Baroness Anelay of St Johns
The Islamic State of Iraq and the Levant (ISIL)’s main sources of revenue come from oil sales and extortion. Other sources have included foreign donors, kidnap ransom payments, and money stolen during its advances in recent months.
As part of our strategy to combat ISIL the UK led work on UN Security Council Resolution 2170 which was adopted unanimously on 15 August. It condemns ISIL, the al-Nusra front and other terrorist groups listed under Al-Qaida sanctions. The resolution urges members to take measures to choke ISIL’s sources of finance.
We are working with countries in the Middle East to counter the threat from terrorists and extremists across the region. Combating ISIL and degrading its financial support is a priority and we continue to discuss these issues with our partners, including Saudi Arabia and Qatar.
We are working closely with all our international partners to intensify efforts to stem ISIL’s funding flows.
Asked by: Lady Hermon (Independent - North Down)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, what reports he has received on the sources of supply to Islamic State militants of their weapons and training; and if he will make a statement.
Answered by Tobias Ellwood
We remain deeply concerned about the ability of terrorist groups in Iraq and Syria to acquire weapons and commit atrocities.
The Islamic State of Iraq and the Levant (ISIL) has obtained its weaponry from a variety of sources, including by capturing them from Iraqi and Syrian security forces. Many of ISIL's supply needs are financed by its sale of oil and by money stolen during its advances in recent months.
We have emphasised the need to intensify efforts to stem the flow of weapons and fighters to extremist groups, including ISIL. Hundreds of foreigners are fighting with ISIL, gaining combat experience and potentially forging connections with other extremists. As part of its strategy to combat ISIL, the UK led work on UN Security Council Resolution 2170, adopted on 15 August, which condemns ISIL, Al Nusra Front (ANF) and other terrorist groups listed under Al Qaida sanctions. The resolution urges members to take measures to choke off recruitment and to target the growing phenomenon of foreign terrorist fighters and ISIL's sources of finance.
Asked by: Lady Hermon (Independent - North Down)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, what assessment he has made of the sources of supply to Islamic State (IS) militants of their weapons and training; and if he will make a statement.
Answered by Tobias Ellwood
We remain deeply concerned about the ability of terrorist groups in Iraq and Syria to acquire weapons and commit atrocities.
The Islamic State of Iraq and the Levant (ISIL) has obtained its weaponry from a variety of sources, including by capturing them from Iraqi and Syrian security forces, and others. Many of ISIL's supply needs are financed by its sale of oil and by money stolen during its advances in recent months.
We have emphasised the need to intensify efforts to stem the flow of weapons and fighters to extremist groups, including ISIL. Hundreds of foreigners are fighting with ISIL, gaining combat experience and potentially forging connections with other extremists. Since ISIL is a successor to Al Qaida in Iraq, it also has many members with experience of fighting Coalition forces in Iraq after 2003. As part of its strategy to combat ISIL, the UK led work on UN Security Council Resolution 2170, adopted on 15 August, which condemns ISIL, Al-Nusra Front (ANF) and other terrorist groups listed under AQ sanctions. The resolution urges members to take measures to choke off recruitment and to target the growing phenomenon of foreign terrorist fighters and ISIL's sources of finance.
Asked by: Lord Dodds of Duncairn (Democratic Unionist Party - Life peer)
Question to the Department for International Development:
To ask the Secretary of State for International Development, how much UK aid has been provided to Nigeria to stem the escalation of Islamic extremist terrorism in the last five years, (a) in the North and Middle Belt and (b) elsewhere in that country; to whom such aid was provided; and in what form in each such case.
Answered by Justine Greening
UK aid to Nigeria is delivered through civil society organisations, technical assistance and UN agencies. DFID does not finance the Government of Nigeria directly. As most UKAID programmes are national in scope, it is not possible to provide regional breakdowns, however since 2011 at least 60% of our funds are focussed on Northern Nigeria. The figures for UK Aid to Nigeria for the last 5 years are:
2009/10 | £117.4m |
2010/11 | £131.1m |
2011/12 | £171.6m |
2012/13 | £196.5m |
2013/14 | £ 265.9m |
In 2011, DFID launched a £39m Nigeria Stability and Reconciliation Programme, which supports Federal and State Governments and civil society organisations to tackle the causes of violent conflict and to improve coordination within and between state agencies and local populations. The programme operates a grants fund for civil society organisations in priority states in the North, Middle Belt and the Delta.