LONDON (AFP) – Britain’s financial services watchdog gave the go-ahead for the first Islamic bank in Britain to open its doors.
The Financial Services Authority’s (FSA) decision means that the Islamic Bank of Britain will be able to open its first branch in London next month, offering its clients financial products respecting Islamic Sharia law….
The Islamic Bank of Britain (IBB) will allow 1.8 million British Muslims access to banking strictly in line with Islamic law. The Sharia bans the payment of interest on loans and investment in sectors such as alcohol and tobacco….
Iqbal Asaria, president of the Muslim Council of Great Britain’s economic committee, hailed the news as “a watershed event in the history of Islamic finance in the UK”.
“It marks the beginning of the launch of fully regulated Sharia-compliant products for the Muslim community,” he added.