The religion-based system’s attitude to risk stands it in good stead compared to Western banks. Islamic finance is set to be a big winner in the current financial crisis, BDO Stoy Hayward said today. The financial advisor claimed that the religion-based system retains large amounts of money available to borrowers. This is in contrast to…
With the Sharia-compliant market growing by up to 15 per cent a year and estimated to be worth a trillion dollars (Dh3.67tn) by 2010, the number of Islamic investment banks in the UK is predicted to double within five years, said Samer Merhi, the executive director of the Gatehouse Bank, an Islamic finance house based…
The UK’s first-ever insurer to comply with Islamic law has been launched today to enable Muslim motorists to secure cover for their vehicle. Salaam Halal insurance is targeting the 1.6 million British Muslims with its products, which differ from other cover in that the risk is spread between all policyholders registered with the company. Standard…
There has been a substantial Muslim community in the UK for at least 300 years, so UK financial companies may have been a little slow to cater for their monetary needs. But mainstream financial groups are quickly waking up to the fact that there are some 2 million Muslims in the UK whose financial needs…
International investment services compliant with Islamic financial law are competing for a slice of the oil revenue in the Middle East. With the price of crude oil almost doubling in the last year, countries with large Muslim populations and connections – including Singapore, Hong Kong, London, Birmingham and Paris – are vying to act as…
