Tuesday, February 10, 2009

Britain's Islamic finance sector bigger than Pakistan's, report claims

Telegraph:The study says that the UK has by far the largest number of banks for Muslims – whose products prohibit interest payments and investment in alcohol or gambling firms – of any western country.

There are now five "fully Sharia-compliant" banks in the UK while another 17 leading institutions including Barclays, RBS and Lloyds Banking Group have set up special branches or subsidiary firms for Muslim clients.

The $18billion (£12bn) in assets of Britain's Islamic banks dwarf those of some states where Islam is the main religion, including Pakistan, Bangladesh, Turkey and Egypt...Continue Reading

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