The Channel Islands Securities Exchange (CISE) has recently seen more enquiries about Islamic finance products from Africa-based asset managers and is taking steps to capitalize on the renewed interest.

The CISE is currently in the process of revising its listing rules for investment vehicles and in addition, is planning to introduce Islamic finance guidance notes to accompany all its listing rules.

Fiona Le Poidevin, CEO of the Channel Islands Securities Exchange, said: “We are in the process of simplifying and modernizing our listing rules to ensure that they reflect the current investment industry and the increasing range of vehicles within the sector.”

“In addition, we will be introducing specific Islamic finance guidance notes to accompany the rules for listing all different types of products, including investments,” she told Africa Global Funds.

“This should mean that we are even more attractive to African-based fund managers and especially to the increasing number who are seeking to develop Sharia compliant products for investors within the continent and also globally, including from the Middle East and South East Asia,” she added.

The Exchange is already home to a number of debt securities and investment vehicles with Islamic finance structures.

“The CISE has a number of African and in particular, South African, related structures listed on the Exchange, including open and closed ended funds,” said Le Poidevin.

In addition, the CISE has announced that Ben Snook, Manager at the Channel Islands Securities Exchange Authority (CISEA), which operates and regulates the Exchange, has obtained the Islamic Finance Qualification from the Chartered Institute of Securities and Investment (CISI).

“The Islamic finance market is growing rapidly. It is an area of significant opportunity and I was very keen to learn more about the principles of Sharia law and Islamic finance and how they are applied to the treatment of assets, including through listed vehicles,” commented Snook.

Headquartered in Guernsey and with an office in Jersey, the CISE offers a convenient and cost-effective service for listing a wide range of securities, including trading companies, investment vehicles and specialist debt.