Why Islamic finance in the UK is not realising its $3trn potential

Why Islamic finance in the UK is not realising its $3trn potential

The British Islamic finance market is facing a slew of challenges and is being held back by weak consumer awareness, according to one of the country's top experts.

The $19 billion market is also suffering from a lapsed government commitment and a lack of regulation, said Omar Shaikh, an advisory board member for the Islamic Finance Council UK (IFCUK) in London.

Islamic finance -- an amalgamation of Sharia law and modern banking -- has become a $2 trillion business over the past two decades, covering everything from bonds to buying cars.

“There is a need for the government to realise its previous legislative commitments – former UK prime minister David Cameron said every government needs to consider Islamic finance loans,” Shaikh told Arabian Business.

“The Bank of England still needs to deliver on its