THE TELEGRAPH: The Halal banking revolution is taking off, says Kara Gammell
The British Government is believed to be planning to raise funds by issuing Shariah-compliant bonds in the Middle East, which would be the first time a Western country did so, but many British banks already provide financial services in accordance with Islamic law.
Junaid Abbas Bhatti, an expert in Islamic Finance said: "The industry is growing at 15pc a year, so it's no surprise that the Western world's financial markets are starting to sit up and take notice of the Halal banking revolution.
"Islamic banking is far more complex than a simple prohibition on the giving and receiving of interest."
Emile Abu-Shakra of Lloyds TSB said there are now 2m Muslims in the UK. He added: "Our research tells us that three quarters want banking services that are in line with their faith.
''We have developed a range of products - from current accounts to mortgages - designed to meet the needs of needs of Britain's Muslim community.
"Not only has this made its possible for Muslims to bank according to their principles, but it has also helped to make Britain a real centre for Islamic finance."
The main difference between Islamic and conventional banking is that Islamic teaching says that money itself has no intrinsic value, and forbids people from profiting by lending it, without accepting a level of risk.
In other words, interest - known as "Riba" - cannot be charged. Sharia finance: plenty of interest in no interest >>>
Mark Alexander (Paperback)
Mark Alexander (Hardback)
