The exchange is already home to a number of debt securities and investment vehicles that are Islamic finance structures.
One such structure combines insurance linked securities (ILS) with Islamic bonds, known as sukuk.
CISE said that it has recently seen more enquiries about Islamic finance listings and is taking steps to capitalise on the renewed interest.
The plan to introduce Islamic finance guidance notes forms part of CISE’s revision of its listing rules for investment vehicles.
“It sends a very strong message to the marketplace that [...] we open to Sharia compliant, Islamic finance listings."
Islamic finance qualification
Ben Snook, manager at the Channel Islands Securities Exchange Authority (CISEA), which operates and regulates CISE, has obtained the Islamic Finance Qualification from the Chartered Institute of Securities and Investment (CISI).
Snook said: “The Islamic finance market is growing rapidly. This is particularly the case as wealth from the Middle East is supplemented by the development and export of capital from countries such as Malaysia, Indonesia and Singapore in southeast Asia.
Speaking about his new qualification, Snook said: “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.”
Open to Sharia listings
Fiona Le Poidevin, chief executive of the CISE, said: “It is fantastic that we have a member of staff who is conversant with Islamic finance and especially that this is being supported by the introduction of guidance notes for these listings.
“It sends a very strong message to the marketplace that not only are we open to Sharia compliant, Islamic finance listings but that we have a framework of knowledge and expertise to ensure the suitable consideration and oversight of that part of our market.”
