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


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.