My first half marathon

Yesterday I ran my first half marathon. It was the Robin Hood Half Marathon in Nottingham. I have never timed myself running but I managed to get 1:56 which I am told is quite good for a first attempt.

Being nervous and not wanting to invite attention or aggression, I placed myself quite far back in the time pecking order after the starting line, deciding I was probably capable of 2:30.

My rationality for this? The fact that it was at this point where I saw the first person wearing non-prescription running gear. She had a pink fleece and grey fluffy joggers. This was clearly someone non-threatening who would not shove me to the side, shaving off vital seconds in desperate pursuit of their all important PB.

My fear of misplacing myself probably stems from somewhere dark and playdoh infested but a recent memory which was also somewhat governing the proceedings was a trip to London Fields lido where there are three lanes.

At the Lido you must decide if you are Fast, Medium or Slow. Ever the pragmatic, I went for the middle lane. I can't be slow, I decided. I swam for Gravesend and Northfleet when I was 12, this surely grants me honorary middle status, I remember thinking. Well it didn't, and people nipped at my feet and eventually more or less swam over my spluttering carcass. Suffice to say I was way out of my depth.

Therefore you can understand my reluctance to rekindle these feelings of inadequacy for 13 miles of pounding pavement.

However, as the run began I started to realise, hopping from side side behind a human banana and a, shall we diplomatically put it, running veteran, I may have been a little extreme in my desire not to bite off more than my feet or lungs could chew.

So at this point, listening to my friend's iPod shuffle with speed-inspiring choons from the likes of Cher and Pink, I decided to "go for it".

Surprisingly this was not as hard as I thought it would be. I kept expecting to get too tired or to hit some kind of metaphorical wall, but I didn't. Don't hate me but I actually enjoyed it, bad music aside.

We had organised sponsorship with Macmillan Cancer and managed to raise over £1,000. Seeing the charities, along with a heartwarming and quite astonishing number of spectators, was emotive in a way I had not anticipated. I felt motivated and part of something much more important than my own worries, concerns or thoughts.

I won't lie, there were some hairy moments. I found opening the water pounches handed out every few miles extremely difficult and kept blasting myself in the face while failing to get any substantial amount of liquid directly into my mouth.

I was also perpetually worried about running in front of a runner "on wheels" as when this happened everyone else started shouting at the blockage-runner ordering them to get out of the way, and it sometimes involved the person actually having to be pushed to the side. Luckily my ninja awareness, and rabbit-like peripheral vision prevented me from falling foul of this marathon faux pas.

I probably enjoyed running miles six to eight the best and this may have had something to do with the route as well which went through some kind of National Trust place around this point. Sorry for the lack of logistical information. I don't really know Nottingham that well.

Miles 10 and 11 were difficult and I started to feel the burn, in my balls. The balls of my feet that is, even though I was aware of this potential afflication and had purchased ball protectors from Boots the previous day. I can only imagine how sore they would have been without that investment of £3.45. My pain was also lessened by a sign coming up to mile 11 which said: "If your feet are hurting, it's because you are kicking ass."

As I passed the 12 mile mark I surprised myself at still having enough energy to sprint. I felt like my legs and arms weren't attached to my body by this point though, a bit like an over-exuberant Mr Tickle.

As I crossed the finish line my body suddenly contracted and everything felt like mush, more raggy doll than Mr Men. I felt like I wanted to cry but punch the air at the same time. It wasn't easy and every time I have risen from my chair today it has been accompanied with an "ooh" noise that sounded like it came out of the mouth of a 90 year old woman. But if you ask me, am I doing it again? You bet your life I am.

I'm back

Sorry for neglecting you for a rather long two and a half years. You see I actaully went and got a job as a financial journalist. I didn't know anything about numbers and inflation rates so I have had to work hard to catch up. Now a little older and wiser I want to rekindle the relationship I used to have with my own creative voice and hopefully get soem bits and bobs published as a freelancer. We'll see. Anyway- get ready for some more blogs whatever happens.

The Meatloaf Rock Opera, The Orchard, Dartford **

Not even dodgy storylines and even dodgier costumes can stop fans adoring the belting vocals and timeless hits of The Meatloaf Rock Opera, says Liz McMahon

Tribute shows face a similar challenge as film adaptations of classic novels: they must stay true but also pull in the punters. Star of the show, The Dead Ringer from Hell has been described as the “Meatloaf We Will Rock You”. It certainly squats in the same genre. It is a smorgasbord of all things Meatloaf and some things which are decidedly not.

Hollis plays the Meatloaf role and is disconcertingly referred to as Ringer by the cast for the entire performance. Hailing from New York, Hollis has had 20 years in the business and is savvy enough to own the production company funding this show. He has an amazing voice which does Meatloaf justice.

His health, unfortunately, is slightly perplexing. He even admitted that he was not sure whether he most resembled a fat pirate or a member of the Scissor Sisters. At points it did seem as though he may have a hernia; as he knelt on his knees to belt it out, it was touch and go as to whether he was getting up again.



Ringer is supported by The Dead Bettys; three sisters, one of whom, Ginger (Helen Hawthorne), is romantically embroiled with the aforementioned. All three women had a fine set of pipes and knew how to use them. Several duets with Ringer were spine-tingling and hair prickling, especially old favourites like I Will Do Anything for Love.

Their costumes were slightly budget. Ginger’s older sister, CC, looked shockingly like a cross between Linda Barker and Bonnie Ratit. Their choreography was also sadly the wrong kind of Chippendale.

The Wolfpack were Ringer’s pleasantly-talented supporting band. Guitarist Eddie Reid’s 35 years of experience showed and it is not surprising to learn he has shared a stage with the likes of Free and Kris Kristofersen. The music heart-thumped and foot-pumped. The company seem to know their strengths and Reid’s solos were fantastic.

It is fair to say Rock Opera might be a slightly aspirational label. An unkind observer may go as far as calling it Rock panto. The songs were first-rate but the narrative was embarrassing at points. In the first half, the thwarted love story between Ringer and Ginger was just a bit awkward but in the second half it took a surreal turn gratuitously involving a hypnotist and Elvis Presley. Unlike Meatloaf himself, whose performance in The Rocky Horror Picture Show was legendary, the cast found it difficult to oscillate between music and drama.



However tempting it may be to pick holes, it is important to return back to the intention of Ringer and his ensemble. This performance may not be a dramatic masterpiece where the audience truly believe in its pathos. Nevertheless, it is a whole lot of fun. Only a killjoy would be able to deny themselves the pleasure of head bobbing and hand clapping to the magic of You Took the Words Right out of My Mouth and Bat out of Hell.

The audience at The Orchard were truly inspiring. They were diehard Meatloaf fans and even Ringer commented at the end: “I want to party with you guys!” They knew the words, got up and boogied and there were even some potential moshers in the front rows. One particularly dedicated fan had bought a box clearly with the prior knowledge that he would need some space to rock out and that is exactly what he did. His bat moves were mesmerising.

The Meatloaf Rock Opera is a feel-good night of merriment. Think less Carmina Burana and more another kind of Nutcracker.

Keith Pointing- The Inkspot Monologues

Bromley writer Keith Pointing’s latest book, The Inkspot Monologues, tackles the trite subject of relationships in a manner which is far from old hat.

He merges words and images to exhibit the true dysfunctionality of modern post-millennium courting.

Keith’s drawings are called ink blots as they bear a loose resemblance to the blots used in tests by therapists.

The Rorschach technique was originally employed to catch out reluctant psychos too wily to be fooled into admitting their dark desires.

A patient is shown an inkblot and asked what it immediately makes them think of. Their response is supposed to tell the therapist something enlightening about their state of mind.

The technique has been the victim of much mimicry and skepticism. Keith’s aim is not to question its credibility but to use it as an innovative medium to poke fun at human behaviour.

Keith said: “My intention was to use mainly the Rorschach idea to parody relationships rather than the technique.


“We all have relationships, both romantically and in, of course, everyday social interactions, so the subject is universal and something that we can all relate to.”

Whilst Keith is not expecting to change anyone’s perspective on the course of true lurve, he is keen to promote graphic fiction beyond the under-five market. Yes, believe it or not, adults too can enjoy pictures with their prose.

He approaches his aim with self-deprecating affability calling his work “Mr Men for grown-ups”.

He said: “Publishers have largely been late in waking up to the potential of the book as a creative medium using words and images for adult fiction, unlike the USA, the Japanese and the French who all have their own unique genres. However, things are changing as, for example, the graphic novel sections of British bookshops are growing each year.”

Don’t jump to conclusions and think Keith was inspired to use the ink blots whilst on the therapist’s couch himself. His reasons are far more logical.

“We are hard-wired from birth to read a human face into minimal random shapes and marks, which is why we think we see a man in the moon, and knowing this gave me an idea,” Keith said.


“After playing around with some black and white drawings, I saw the potential of using Rorschach to entertainingly explore funny visual and verbal ideas around personalities.”

The Inkspot Monologues are voiced by Alice and Jack: two individuals who have kissed more than their fair share of frogs and now find themselves in couples counseling.

It is a dual narrative where they take in turns to disclose the dirt on their past beaus, each time explaining the main flaw which effectively drew the dalliance to a close.

Their confidences are complemented with an inkspot which visually conveys exactly what was so unbearable about their exes.

As they reveal their relationship histories, including Dominic with his knicker fetish and nymphomaniac Natalie, it is wonder Jack and Alice have not given up altogether.

Bearing these scathing caricatures in mind, Keith is keen to point out his book is not a personal exorcism.

He does admit, however, creating his text did involve analysing people’s quirks and foibles and what we seem to search for in a romantic relationship.

“Some say all artists' works are self-portraits, suggesting there could be something of me in all the drawings,” said Keith.

Taking his honesty into account, it is possible everyone who reads the text will confront some images, which remind them, albeit in a diluted manner, of uncomfortable situations they had hoped to forget.

Comedy review: Russell Brand – Scandalous, The O2, Greenwich ***

Russell Brand’s Scandalous tour not only lives up to its title – covering Sachsgate in detail - it’s also packed with the skewed, clever observational hilarity the comic is famed for. Liz McMahon shares highlights from the show at The O2.

The build up to Brand’s arrival on stage served as a montage of his disrespectability. News report after report merged together to convey the overwhelming controversy which seems to emanate from the comedian’s pores.

Russell Brand emerged on stage around half an hour late to a frenzy of applause. His appeal to women cannot be questioned when he has them fulfilling every stereotype and literally throwing their underwear at him.

It must be hard for him not to take advantage of his position and he said he was open to sexual relations with any woman between the age of 18 and death but he is not into corpses. Clearly he has some limits.

He was an interesting mix of intense narcissism and vulnerable self-deprecation. He was open about his mental fragility and admitted it is very much part of what makes him who he is.

He talked of when the self-obsessed “news” on a constant reel in his head actually became a reality. This was a funny way of approaching the inevitable: Sachsgate. He apologised but also poked fun at the audience for paying money to see him, “after what I’ve done!”

When his comedy was observational it was at its best. Upon analysing his media coverage, he has since realised, in the midst of the furore, he was getting dressed “like something out of Vegas” to go to the dentist.

And he showed us the coverage to prove it. He ridiculed his own attire, arguing leggings were not a manly enough to aptly describe his bottoms- testosterousers was far more appropriate, apparently. It seems it was a statistical inevitability Brand would eventually fornicate with the star of a sitcom’s granddaughter. Andrew Sachs was just caught in the cross-fire.

His handling of the debacle was laboured. He seemed to be apologising and would then rip it away with a quip like “I turn slags into celebrities!”

He also tackled the sticky subject of the Video Music Awards which he presented in a disastrous fashion. His justification was Americans do not “get” him. His first joke stating the US had better not be too racist to vote for Obama after they had allowed a retarded cowboy to run the house of white for eight years was famously met with stony silence. After this he had to pretty much make up the rest of the ceremony ad hoc.

He saved some of the VMA links he could not use especially for the audience. If Americans found his first comment below the belt, it is unlikely they would have liked to have gone down there again for Michael Jackson and paedophilia.

The show lagged when Brand resorted to reading hate-mail he had been sent post scandals. Yes, the show was called Scandalous so perhaps one gets what they ask for. By resorting to regurgitating the bizarre and deranged comments he received, he gave them more coverage than they deserved and it was lazy comedy.

There were many belly laughs. He painted a hilarious picture of himself waiting to meet the Queen while standing next to James Blunt after the Royal Variety Performance. He managed to juxtapose his perverse sexual thoughts with the curt instructions he had been given on protocol and his scathing impersonation of Blunt. It was at points like this he had the audience in the palm of his hand.

He made a couple of comments about “The Daily Mail” which became somewhat of a euphemism for the conservative press who had previously bayed for his blood. His attitude shows recent incidents have left their mark, not only on his act but also his sense of humour. There is a slight resentment there. One might say he is almost a Caliban of celebrity culture. He gained his celebrity by being what the public wanted- “edgy” and offensive. Indeed: “You taught me language; and my profit on’t is, I know how to curse.”

He finished the show with some tips on cunnilingus involving a kazoo and Bruce Forsyth. The physical gyrations which accompanied his advice will be something which may haunt several bedrooms for years to come.

The audience were permitted a wondrous surprise glimpse of Jack Black and I Love You Man star Jason Segel. They performed Dracula’s Lament from Forgetting Sarah Marshall while Brand quickly got changed. The formidable crowd then had to pretend to be the stadium audience for the upcoming sequel. This was cheeky but no-one seemed to mind.

When Russell Brand’s comedy was scandalous, the show was brilliant. When he wasted time talking about his recent misdemeanours, it was somewhat lacking. He needs to get over it now and get back to observing life’s idiosyncrasies with the verbose acridity only he is capable of.

Responsible Investment: what some have seen as a revolution in a bio-degradable cup may actually be an unlikely way out of the recession.

Responsible investment should not be underestimated: it does not only have a green or liberal agenda. It could play a vital role in future proofing the economy and pension funds big and small are slowly waking up to the immediate importance of future investment.

It is not just industry giants who are flexing their ethical muscle in the market. Established in 1991, The Local Authority Pension Scheme (LAPS) Forum currently boasts 48 members and the combined assets of over £95bn. Pamela Bruce, of Lothian Pension Fund, says: "Being part of the LAPS forum involved signing up to the UN principles of responsible investment. Hermes votes for us based on our portfolio interests. Through the forum, we have a more significant voice regarding issues such as climate change."

In Head of Socially Responsible Investment (SRI) Business at Hendersons George Latham believes in the current investment market, clients are very interested in environmental, social governance. He has witnessed funds focused on responsible investment still making money. In the face of recession, this is no mean feat. He says: "The issues involved in SRI will remain involved. While the investment banking world may be in difficulty, the investment managing world is still fairly well invested."

Duncan Exley, of Fair Pensions says: "ESG issues can create risk and opportunities. Responsible investment is something you do regardless of ethics." Fair Pensions' most recent report indicates certain key pension schemes are developing means of assessing and monitoring risks. There is more engagement with fund managers and investee companies.

Companies who have signed up to the UN Principles of Responsible Investment are committed to the concept of future proofing. Gold stars are awarded to top performers: F&A, Insight, Hermes and Aviva. Fair Pensions' most recent analysis of the top 30 pension providers saw a 22% increase in engagement with the UNPRI. Their next report is due out this month and it will be interesting to see whether this is still the case. Especially when top banks such as Citibank, Deutsche Bank, JP Morgan and most recently Merrill Lynch have disbanded their SRI research teams.


Whilst some key pension funds are putting policies in place to manage long term risks and maintain accountability, Mr Exley fears there are still thousands who are not taking heed and have no apparent track record of future proofing themselves. An initial hurdle to overcome is how SRI is still widely perceived. Many are confused by what it means and perhaps rightly so. Mr Exley said: "You ask six people and you get six different answers."

A popular perception of SRI is simplistically the "screening out of bad things in favour of good things." Indeed, if this is all it boils down to, it seems not many people are interested. Rather than labeling fund managers mercenary, the problem with this definition is the subjectivity of morality. It is incredibly difficult to create blanket policy based on the criteria of what is right and wrong. People's ethics are multi-faceted and what one outwardly projects is not always what they inwardly feel.


SRI is evolving and it must employ some kind of progressive and cohesive message which appeal to the mainstream. In a Darwinian manner, SRI has already adapted to suit its context many times over. It has religious roots in the Quaker reaction to the slave trade and Wesley's Methodist sermon, 'The Use of Money'.

Much more recently, it developed a political agenda regarding human rights violations. Its philosophy encouraged divestment with South Africa during the Apartheid era and established the Sudanese Task Force in 2006 in response to the genocide in Dafur.

To have relevance now, SRI needs to strike a careful balance between some kind of contemporary angle and prosperous longevity. It needs to affect the current quarter whilst exhibiting valuable investment prospects in the long term.


Fund managers may feel SRI concentrates predominately non-financial issues. Mr Exley argues against this, claiming its focus is on areas which are not yet financial such as responsible lending, restrictions on climate change and ESG. He says: "We are concerned the fire-fighting after the financial crisis has led to a fire sale where companies have ended up selling their fire alarm at the same time."


Hendersons have tried to avoid throwing the baby out with the bath water by focusing their attention on long term thematic trends and industries of the future. Responsible investment does not need to be some kind of philanthropic indulgence. Investing in education, healthcare, social housing and cleaner energy provides sustainability. There will always be a need for these areas, however our society develops. Companies who are heavily involved in "bad" energy face increasing hikes in taxation and stifling amounts of regulation. They are therefore likely to experience huge loses in the upcoming years. For once an old adage may truly prove to be the case: slow and steady wins the race.



Mr Everly believes one reason why some pension funds have been so slow in seeing the benefits of responsible investment is due to them delegating too much responsibility to fund managers who only operate in the short term. He feels there needs to be a change in the way fund managers approach contracts. He says: "Fund managers will look at a three year contract as just that but some issues within a pension scheme will build up for decades. 10 years ago, subprime lending was not a risk and climate change certainly wasn't viewed in the way it is now."

In a bid to look towards the future, Mr Latham is also quick to point out recent errors of the past: "Companies who have been well invested in corporate responsibility have been less affected by the recession. If one considers RBS two years ago, it was obvious they were weak on corporate responsibility and governance. More conservatively managed banks such as HSBC and Standard Charter haven't emerged unscathed but they are in a far better position."


He adds: "There is a strong correlation between good management and social responsibility. A focus on short term running and cutting corners can only expose a company to risks and shocks. In 2001 BP was seen from the outside as a strong competitor with good short term profits. Nevertheless, their maintenance and health and safety were not secure. They were too busy looking towards the next quarter and half term profits to see what culminated in 2004/5. In comparison, BT's strong management team has led to a sustainable profit growth."


Fair Pensions' research has found a majority of fund managers' management of ESG is limited to governance issues only. Climate change and other social concerns should irrevocably influence how investors behave. If it does not now, it will. The next 15 years will be rife with physical, regulatory and legislative changes affecting how all companies operate. Those who wait for the government to tell them what they have to do, risk missing a very important boat.

Sharia Funding- friend or foe?

Originally sharia banking in the UK was disregarded as a small enterprise catering for a religious niche market. Now Britain's Islamic banking sector is bigger than Pakistan’s, according to Financial Services London. As dissatisfaction with the western banking system hits its peak, there is a growing trend of non-Muslims investing in sharia-compliant schemes.

The Islamic Bank of Britain's marketing director Steven Amos says: "Our core business will always be Muslims, but the number of non-Muslims is really picking up. We've had increased interest and it's one of a number of reasons why we're insulated from the credit crunch."

Ian Yearsley, a retired journalist and Christian lay preacher who lives in south-west London, recently opened a savings account with the IBB. It appealed to him because it pays on a profitshare rather than interest basis.

He says: "It is an ethical and sensible way to invest my money. It should be remembered that there was a prohibition against usury, or earning interest, among Christians in the Middle Ages."

The UK has been providing sharia services for 30 years but, along with the fact it was not directly affected by the subprime lending disaster, recent government support and regulations have allowed it to prosper. When he was Chancellor, Gordon Brown said he wanted The City of London to be the "gateway to Islamic finance" and, unlike some of his other aims, this seems to be the case. One recent survey found UK trade with Arab countries had risen 60% in the last six years.

The Sharia Home Purchase plan, launched in Scotland by Islamic Bank of Britain this month, is the latest example of how sharia funding is slowly and steadily starting to take the UK by storm.

Tariq Masood, chairman of the Glasgow-based Islamic Finance Council, says: "IBB's entry into Scotland is a key growth indicator for the UK's Islamic finance industry and a huge step forward for Scotland's ethical retail community."

If this seems unrealistic, a look to countries where this type of banking is more established provides definitive evidence. In Malaysia, a quarter of all Islamic banking is carried out by non-Muslims.

The growth is not restricted to the UK either. The International Monetary Fund says the number and reach of sharia-compliant financial institutions worldwide has risen from one institution in one country in 1975 to more than 300 institutions operating in more than 75 countries today. A study carried out by the Banker magazine revealed, over the past year, sharia-compliant assets across the globe have grown by almost a third to more than $639bn. If Islamic finance continues to grow at a similar rate, it will have broken through the $1trn mark by 2010.


Whilst there is clear evidence of prosperity within sharia funding, there are several concerns which are likely to grow in prevalence as it becomes more mainstream. Organisations face difficulties in judging whether their schemes truly abide with sharia law. Banks like HSBC employ a panel of expert scholars to ensure this is the case but there is little continuity between boards. With no tangible document readily accessible to all, what one person may claim is acceptable, another could vehemently object to.

At present there are only around 260 scholars who reportedly know enough about Islamic finance to be deemed experts so the market could experience a shortfall. This will probably only be temporary though as 55 educational institutions now offer courses in Islamic finance. This may also become an area which attracts non-Muslims in the future. The more people who have an intricate understanding of sharia principles, the more likely it will be for some kind of objectivity to develop.

Marshall Sana, Islamic expert at the Institute for the Study of Islam and Christianity, believes shariah funding is failing to live up to the ideals established over 30 years ago. He says: "Sharia finance is actually a distortion of Korannic teachings, and was not widely practiced by Muslims until the 1940s."

Some Muslims believe sharia funding, as it exists today, is merely western funding under a different name. Website www.islamic-finance.com fears sharia organizations are not really engaging in risk-sharing practice at all. They argue a client who defaulted in their "rent" would still eventually face the same consequences as they would in an interest-based mortgage. They believe if banks were required to share profits and losses with their clients then this would lead to the most responsible type of investment.

Sharia banking operates on a couple of principles which should make it extremely different to western banking. It prohibits any involvement with alcohol, gambling, pornography, human cloning, arms and ...pork. Although this just sounds like an extreme form of socially responsible investment, the twist is it refuses to have any involvement with interest and forbids investment where the debt to equity ratio is over 30%, ruling out significant sections of the market.

However, an ancillary clause states the banks can invest in prohibited areas as long as they take up less than 5% of the company’s activities. Amendments such as this could make one worry how far Islamic funding may experience an Orwellian "rule revision" as it continues to prosper.

Website contributors Haitham al-Haddad and Tarek el-Diwany share the concern: "Far from being part of the solution, our industry may soon become part of the problem."

There is a realistic possibility Islamic insurance may benefit from government SRI funds because of its responsible and co-operative principles. Nevertheless the Islamic funds' reliance on the oil industry could prevent them from being perceived as wholly ethical. With investors becoming increasingly aware of the importance of future proofing, this dependency could eventually become a toxic association.

Mohammed Abdul-Haq, global head of HSBC Amanah Private Banking, justifies investments in oil by sharia-compliant funds. Oil investment, he says, will remain one of the stark differences between ethical funds and Islamic funds.

Sana is also critical of some of its central ideological tenements: "It has inequality built into it, between woman and men and Muslims and non-Muslims. If you look at the literature and you look at the internal dialogue, the end is supremacy. The end is controlling institutions. It's setting up an Islamic economy and an Islamic economy is to be the world economy."

Despite these problems, no sharia-compliant financial institution has failed since the start of the current crisis and there are several reasons why Islamic funding has fared better in the wrath of the credit crunch than its western counterparts.

Humphrey Percy, chief executive of Bank of London and the Middle East, says: "Our balance sheet is still growing as a result of our increasing deposit base and more parties willing to look at Islamic finance as an alternative way to invest because they see it as competitive as well as ethical."

Although they do not produce ridiculously high returns in any one year, over the past decade they have delivered consistent results. Whilst the global markets may be down by more than a third from their peak, the Dow Jones Islamic Financials Index has lost 7% over the same period and actually rose 4.75% in the most recent September quarter.

Sultan Choudhary, commercial director of IBB, says: "We are not insulated from the credit crisis, but we are not as affected as the other banks because we do not have the exposure in terms of toxic assets. We are also not exposed to wholesale funding, as Northern Rock was. We have assets from shareholders and deposits."

These are not empty words. IBB has been operating as a retail bank for over four years, and has attracted over 40,000 customers. IBB's annual report for 2008, published last month, showed a 10% rise in customer numbers and a deposit increase of 15%. This takes their overall assets to £158m. They also managed to reduce the £6.9m loss they experienced in 2007 by 15 % to £5.9m.

The immediate future for sharia funding in the UK is the accomodation of sukuks. There has been a call for these Islamic bonds to help fund London 2012. Currently the market is estimated to be worth $24bn. Kitty Ussher, the City Minister and Economic Secretary to the Treasury, says she is "hopeful" that the UK would issue a sovereign sukuk in the wholesale sterling market in 2009. The HM Treasury has pushed ahead with the remaining enabling legislation which is published in the Finance Act 2009. This prepares the government should it decide to go to the market later in 2009 or in early 2010.


Words to know...

Riba- a dirty word in Sharia funding- it means interest

Sukuk- an asset backed bond

Mushraka- the co-operative partnership between two parties, usually the bank and the client which involves profit and loss sharing. Profits are shared as per an agreed ratio whereas the losses are shared in proportion to the capital/investment of each partner