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

SourceArabian Business
SectorFinancial Markets
CountryGCC

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 ...read more...