IslamicFinance.de

The US and Canada are expected to follow London's lead with the development of Islamic insurance products. Not just because of the burgeoning market for Shariah-compliant financial products worldwide but also because of increasing demand for old-fashioned transparency.

So says James Bagshawe, a member of the executive committee of the recently established Islamic Insurance Association of London (IIAL) and COO of UK-based Cobalt Underwriting.

Earlier this month, the London Market pointed to the growth of commercial Shariah-compliant products as an important example of the innovation required by London to maintain its position as a global insurance hub. At the inaugural conference of the IIAL in Dubai, chief executive of the International Underwriting Association (IUA), Dave Matcham, said that Islamic financial activity in London is developing a growing maturity and said the IUA and IIAL are cooperating to support the trade in Islamic insurance, promoting standards and transparency.

James Bagshawe, 53, was the Chief Operating Officer of the Gatehouse Bank. He claims that he lost his £185,000-a-year job with the bank because he wasn’t a Muslim. Mr Bagshawe who has 25 years of experience in banking working for JP Morgan and Flemings, is claiming to be whistleblower in regard to an investment and so can be awarded unlimited damages if he wins the case.

Last night a spokesman for the bank said: ‘Mr Bagshawe was made redundant by the CEO a Christian. His appeal was heard by a non-executive director, another Christian. His redundancy was supported by the Board comprised equally of Christians and Muslims. Gatehouse Bank deny the allegations and say Mr Bagshawe’s position remains redundant a year after he left the company and there are no proposals to appoint a successor.

The tribunal continues and is expected to last 12 days.