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London bankers looking for Gulf Islamic finance roles
17 April 2009
An increasing number of Western bankers with a conventional background, faced with redundancy and a lack of job new job opportunities, are looking for Islamic finance positions in the Gulf.
Applications from London bankers are currently outstripping the number coming from Dubai or other Gulf states, senior Islamic finance officials told the Reuters Islamic Banking and Finance Summit in Bahrain this week.
"It's totally changing. I'm seeing CVs from the London market, also the Far East, and more than anywhere else, from Dubai," said Nabeel Kazerooni, head of private equity at Bahrain-based Islamic investment bank Gulf Finance House.
As we've said before, making the switch from regular investment banking to the Islamic sector is relatively straightforward. Experience of originating and running deals, or developing products within Western markets is highly valued by Islamic institutions.
Participants at the conference agreed that knowledge of Islamic law was more of a bonus than a prerequisite.
There seem to be ample opportunities within the international banks themselves, though, who are making a foray into Islamic finance.
UBS, for instance, appointed Armen Papazian as head of Islamic finance last month, and he says there are plans to expand.
"My appointment comes as a new commitment to take that business forward in line with the strategic targets of UBS and reemphasize this is the strategic target of the bank," he says.
Royal Bank of Scotland and Bank of New York Mellon are also growing in the sector.
