Islamic financial products 'will grow in popularity'

By Adfero
Islamic financial products will become increasingly popular with non-Muslims as people become more aware of its benefits.

Samir Alamd, a spokesperson for the Islamic Bank of Britain, explained that the ethical nature of such products should appeal to those who are concerned about these things.

He said: "With growing awareness of consumer responsibility, customers are becoming more concerned about where their money goes and what it is used for.

"This is reflected not only by the emergence of Islamic banking, but also by the rapid growth of the ethical investment market as a whole."

He added that he expects more mainstream banks to begin offering Islamic financial products in the future as they become increasingly popular with consumers.

Last November, the Financial Services Authority estimated that Islamic finance is worth around £250 billion globally.

It also predicted that the market is growing by between ten and 15 per cent a year.