Sunday, March 16, 2008

Ballencrieff House "Halal finance is as important as halal meat"

The Islamic finance industry, driven by Muslim developments, is making headway in the West, it has been claimed. Junaid Bhatti, Islamic finance expert and director of Ballencrieff House, stated that Islamic compliant finance products are not just popular with Muslims, but also people of other religions.

"There are three main factors driving the growth of sharia-compliant finance in the European markets - Muslim customers, non-Muslims looking for ethical finance and finally the governments themselves," he explained.

Halal finance products protect funds from unethical businesses or activities and there has been an increasing trend among westerners to try and live their lives by certain ethical principles, he added.

With over 50,000 UK Islamic finance customers and a worldwide industry growth rate of between 15 per cent and 20 per cent, the products are growing in popularity, Mr Bhatti claimed.

Last year, the Chartered Institute of Management Accountants launched its first qualification in Islamic Finance, giving those in accountancy jobs the chance to develop the skills necessary in the £250 billion industry.

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