Britain wants to be hub for Sharia banking

Posted by on Jul 22nd, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Three million muslims live in Britain, and more and more of them are demanding financial products compatible with their faith. British business leaders are eager to cash in on this expanding revenue stream.David Slater and his colleagues of London and Partners, backed by the British government, are now pushing for London to become the global hub for Islamic finance and they’ll be pressing their case at the 9th World Islamic Economic Fórum which will be hosted by London in October. The U.K. already has the largest Islamic banking sector outside the Middle East and Asia. Britain has also changed its commercial and taxation laws to accommodate sharia-compliant finance. More sukuk have been issued on the London Stock Exchange than any other bourse, worth more than $34 billion.

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