As we enter 2009, the economic crisis will reach its peak. It will be a year that will see many changes in the international regulatory framework as many anticipate the kind of changes that have long been discussed and needed. The Davos economic summit has highlighted some of the new thinking required to tackled the epochal economic challenges, and the coming G20 summit will be a true test of international cooperation required to overcome the crisis.

2009 should also see the increased influence of Islamic finance. The University of Reading is looking to establish itself as a centre for Islamic Finance. The university launched a master’s degree in investment banking and Islamic finance last year. Durham University already provides postgraduate qualifications in the area, while the University of Strasbourg launched a masters degree in Islamic finance in December 2008. French politicians are looking into the whole area as they realise the importance of establishing the country in this growing field.

An article that many will find interesting poses the following question: “Islamic banks seem immune from the current credit crisis. In the past few months, the ‘Islamic Dow Jones’ has lost just a few percent, whereas the original stock market index has lost more than a third of its value. Could Islamic banking be a viable alternative to the discredited capitalist system?”

In another article, Birmingham (UK) was highlighted as being at the heart of growth in Islamic finance together with London. Indeed we anticipate that this will continue with great vigour.