CAN ISLAMIC FINANCE EVER BECOME the MAINSTREAM PRODUCT IN THE U.K.?

Can Islamic Finance Ever Become the Mainstream Product in the U.K.?

Can Islamic Finance Ever Become the Mainstream Product in the U.K.?

Introduction

Islamic banking came after global financial crisis, a wide area of interest in global financial institutions and despite the short life of less than 4 decades, as well as to humble beginnings in terms of size and products of Islamic banking, the figures indicate that the Islamic finance industry has achieved significant growth, compared to the world's traditional financial institutions dating back to centuries ago, is expected to reach its assets to $ 1.6 trillion in 2012. Reports emphasized that the Islamic financial mainstream has been growing by more than 30 % since 2000, but there are significant challenges facing the Islamic Banking and considers some strategic challenges must be overcome through the establishment and confirmation of legitimate purposes.

Islamic banking industry has gained the confidence of large numbers of customers of the banking sector, and became an interest in the great among researchers and those interested in financial matters, especially after the recent global financial crisis, and that from the perspective of the impact of Islamic banking to the financial crisis as long as the Islamic banking focus their dealings on the real sector, not cash alone, as it does not deal in the sale of debt or sale of the encumbered assets, thereby reducing one kind or another of the degree of risk to which they are exposed, although there are potential risks in it.

Islamic Finance: A mainstream Product in the UK (Favour)

More than any other country, the United Kingdom has been by far the largest Banking Centre compatible with Islamic law for Muslims. This is the first Sharia-compliant Islamic banking division of the members of the West, which has been authorized by the Financial Services Authority in 2004.

There are about 2.5 million Muslims make up 3.3 % of the total population of the United Kingdom. That is almost 50 %, of those right now living in London. Islamic financial products in the kind of current accounts and mortgages are available to Muslims living and non-Muslims in the country.

London became a major financial centre with major financial institutions, international, particularly from Saudi Arabia and other Gulf countries that offer Islamic products attractive. London is by many institutions - Islamic and non-Muslim - as a global hub for Islamic finance, both sides trade wholesale and retail.

In the United Kingdom, and put 17 of the leading banks, including Barclays and Royal Bank of Scotland Group, Lloyds Private Banking branches or subsidiaries of the clients Muslims. It is said that 12 billion pounds in assets of the United Kingdom superior to Muslim countries such as Bangladesh and Egypt. There are 55 colleges and vocational institutes that provide education in the field of Islamic finance in the UK, more than anywhere else in the world.

The first Islamic bank in the United Kingdom

Islamic Bank of Britain is the first bank compliant ...