IslamicFinance.de

A task force to encourage British banks to establish sharia-compliant products, aims to position London as a Western hub for a fast-growing Islamic finance sector. The country hopes to step up the challenge to Islamic finance centres such as Dubai and Kuala Lumpur and wants to be the leading (Islamic) finance sector outside of the Muslim world. It will make it easier for banks in London to have Islamic products. Britain currently has 22 financial institutions, including five fully sharia-compliant banks, offering Islamic finance products, and 30 London law firms offering expertise on the sector.