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UK encouraging banks to offer Sharia-compliant services: “We want to be the leading Islamic finance sector outside of the Muslim world”

Sep 18, 2013 11:44 pm By Robert Spencer

Banning people who speak critically of jihad terror and Islamic supremacism. Letting in imams who speak positively about jihad terror and tearing infidels limb from limb. And now this: trying to rival Dubai and Kuala Lumpur as a center of Islamic finance. It looks as if the rulers of Britain have decided to make Britain Sharia-compliant in every respect.

“London steps up Islamic finance ambitions,” from Reuters, September 18:

(Reuters) – Britain is encouraging banks through a task force to establish sharia-compliant products, aiming to position London as a Western hub for a fast-growing Islamic finance sector that is expected to reach $2.6 trillion by 2017.

Aiming to build on London’s status as a leading exporter of financial services, Britain hopes to step up the challenge to Islamic finance centres such as Dubai and Kuala Lumpur.

“We want to be the leading (Islamic) finance sector outside of the Muslim world,” deputy mayor of London Edward Lister said in a press conference in Kuala Lumpur on Wednesday.

Islamic finance follows religious principles such as bans on interest and gambling, and is playing an increasingly prominent role internationally as often oil and gas-rich investors from Islamic countries put more of their money to work overseas.

Britain’s Islamic finance task force, established in March, is led by several ministers and industry figures as well as top executives from Gatehouse Bank and Oakstone Merchant Bank Ltd.

It was launched ahead of London hosting the World Islamic Economic Forum in October and its mandate is to facilitate Islamic financial business, including investment in British infrastructure by Islamic sovereign wealth funds.

The forum, which saw 28 billion ringgit ($8.6 billion) worth of deals inked last year, is being held outside an Islamic city for the first time….

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Filed Under: Sharia, Sharia finance, United Kingdom


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