UK the gateway for Islamic finance

Submitted by Syed Kasim (Canada), Sep 30, 2007 at 00:59

When I read a book on Islamic Banking in 1985 it looked very remote for me that Islamic Banking would become mainstream. Now the West falsified my thinking. It is really good for the 1/5th of the segment of the world population to take part effectively in the world economy positively. Here are the evidences.

Lloyds TSB is to offer current accounts and mortgages which comply with Islamic law through its 2,000 strong branch network from Wednesday.

http://news.bbc.co.uk/2/hi/business/5075998.stm

Chancellor Gordon Brown called for the UK to become a centre of Islamic finance.

Speaking at the Islamic Finance and Trade Conference the chancellor said he wanted to make the UK "the gateway for Islamic finance".

He pointed to reforms of the tax system to make Sharia compliance easier.

Islamic financial services are big business.

http://news.bbc.co.uk/2/hi/business/5075998.stm

Islamic banking has grown by 10-15 percent per year over past decade

http://www.imf.org/external/pubs/ft/survey/so/2007/RES0919A.htm

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