Islamic banking to 'flourish' in UK

The UK's budget will include measures to encourage the financing of Islamic bonds.

    The budget will include measures encouraging Islamic financal products [AP]

    Shariah "compliance"

     

    He said guidance would also be given on how other Islamic financial products would be dealt with for tax purposes.

     

    Islamic financial products are designed to be compatible with shariah law, which prohibits the collection or payment of interest and investment in areas prohibited in Islam, such as gambling and alcohol.

     

    The global Islamic finance sector is estimated to be worth between $300 and $500bn.

     

    There are now hundreds of Islamic retail banks and investment funds and Western financial institutions are increasingly offering products which claim to be shariah compliant.

    SOURCE: Agencies


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