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10 August 2004 agence france presseWarren Edwardes interviewed by Pierre Pratabuy (Agence France-Presse, London Office)

1°) The FSA approved yesterday the first Britain's pure Islamic bank. Do you think it's an important step and if yes, why ?

"The retail Islamic banking market in the European Union of about 10 million is too substantial a market to ignore." says Warren Edwardes, CEO of financial product innovation and risk consultancy Delphi Risk Management. "Only a few years ago several pure internet banks were launched. Established banks saw this threat and established internet operations as just another delivery channel. The approval of The Islamic Bank of Britain is sure to galvanise conventional banks in the UK, France, Germany and the Netherlands to establish their own retail Islamic Banking operations."

2°) What is the importance of Islamic banking in UK ? What are the most active funds ?

"To date there has been minimal supply of Islamic Banking products on a retail level and the products offered have been uncompetitive with conventional alternatives and other than HSBC's initiative from less well known institutions." Edwardes feels that customers are risk-averse and whilst keen to transact Islamically they will be more likely to transact with well-established brand name banks than start-ups.

3°) What interest would have non Muslim customers to use the new bank's services ?

In Malaysia a large proportion of Islamic Bank customers are Chinese Christians and Buddhists. They do so on ethical grounds and simply because they like the products offered.

 
byline:
 
Warren Edwardes is CEO of Delphi Risk Management, the London-based financial product creativity, communication and control consultancy.

Warren was previously on the board of Charterhouse Bank and has worked in the treasury divisions of Barclays Bank, British Gas and Midland Bank. He first researched into what were later to be called "derivatives" in 1975 and was part of the team that executed one of the world's first currency swaps in 1981. Since then he has devised and transacted numerous structures that form part of the history of derivatives. Warren can be contacted via we@dc3.co.uk

Warren Edwardes <note  spelling of edwardes> is author of best seller "Key financial instruments: understanding and innovating in the world of derivatives" which includes an appendix on Islamic Banking.  see http://dc3.co.uk/kfi

Delphi Risk Management: Delphi creativity Delphi communication & Delphi control are the Innovation, Communication & Risk Management arms of Delphi Risk Management Limited 

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