With the Islamic finance industry estimated to be worth £1.3trn next year, it is no surprise that David Cameron wants the UK to cash in on the boom. Aiming to make London the capital of Islamic finance in the Western world, the Prime Minister last week unveiled plans for the UK to become the first non-Muslim country to issue an Islamic bond. With a history of providing financial services to the Middle Eastern markets that goes back at least 30 years, proof of the UK's growing Islamic finance sector can be found in the developments of the Qatari-backed Shard Tower and Chelsea Barracks, as well as Malaysian-backed Battersea Power Station – all of which have been funded using Shariah-compliant structures.
November 07, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Middle East experts urge UK Government to relax laws on Shariah-compliant finance, writes Pui-Guan Man
With the Islamic finance industry estimated to be worth £1.3trn next year, it is no surprise that David Cameron wants the UK to cash in on the boom. Aiming to make London the capital of Islamic finance in the Western world, the Prime Minister last week unveiled plans for the UK to become the first non-Muslim country to issue an Islamic bond.
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