Why Brexit, millennials could fuel Britain’s Islamic finance market

Why Brexit, millennials could fuel Britain’s Islamic finance market

Brexit could prove a boon for the UK's growing Islamic finance industry, according to Charles Haresnape, CEO of one of the country's top Sharia-compliant challenger banks.

“There's so many people living in Europe who are interested in Islamic finance,” Haresnape told Arabian Business. “Brexit could offer new opportunities for British Islamic financiers if the efforts are coordinated by all stakeholders, such as the UK government and banks.”

Islamic Finance Council UK says Britain has failed to deliver on a government commitment to boost the sector

The UK is currently the biggest supplier of commercial Sharia finance outside of the Muslim countries. London has more than 20 international banks operating in Islamic finance – five of which are fully Sharia-compliant. London is also home to more than 20 law firms that are supplying legal