UK looks to capitalise on Islamic finance boom

Britain is in pole position among European countries to capitalise on the burgeoning Islamic finance sector, a new report from the City of London’s trade body says today.

Thecityuk says the UK is the fourth most significant centre for Islamic finance among non-muslim-majority nations after Singapore, Sri Lanka and South Africa, and is ready to take a leading role in setting international Sharia compliant standards. The report, Global Trends in Islamic Finance and the UK market, says the market for services in Islamic finance rose 7.5 per cent in 2015 to a record $2 trillion (£1.5 trn).

Miles Celic, chief executive of Thecityuk, said, “The Islamic finance sector is a rapidly expanding part of the global financial system.

“Currently, Sharia compliant assets make up just 1 per cent of global financial assets, yet around one in four of the world population is Muslim. There is enormous growth potential.”