The Islamic Finance Council UK (‘IFC’) is a not for profit body established to promote and develop the Islamic finance industry. The IFC carries out a range of activities to enhance the Islamic finance industry and to help create an environment where every believer of ethical finance can make financing decisions in accordance with their principles. Underlying Islamic finance are similar ethical, social and moral dimensions of wealth creation and deployment which aim to enhance equality and fairness in society.

The IFC is led by an Executive Board whose members are internationally recognized as experts within Islamic finance. The IFC, as represented by its Board, has contributed significantly to the UK Government bodies UKTI and the HM Treasury Islamic finance subcommittees over the past number of years.

The IFC focuses on:
- providing policy advisory and technical support to Government bodies (tax and regulatory authorities, et al),
- tailored training and capacity building,
- community education and awareness campaigns; and
- optimising Shariah governance frameworks.

Internationally, the IFC has been formally appointed to advise select European Government bodies on policy setting including strategic and tax related considerations. In addition the IFC works in partnership with the Central Bank of Bahrain (Waqf fund) and Central Bank of Malaysia body ISRA, on a pioneering and unique professional development programme for Shariah scholars and those involved in the Shariah assurance process.

The IFC has been acknowledged as the only body of its kind in the UK and has been showcased in FSA, HM Treasury and UKTI Islamic finance literature.

The Islamic finance industry is at an embryonic stage and it’s rapid growth has led the IFC to take a dynamic role, developing and growing in line with the industry. As the industry develops the IFC aims to adapt to best address the new challenges and opportunities presented.