TIMESONLINE: Our correspondent looks at the steady rise of Sharia-compliant banking across Britain
Amjid Ali tells a story about when he was setting up the UK operations of HSBC Amanah, HSBC’s Islamic bank, in 2003. Mr Ali, now a senior manager at the global Amanah business, said: “I had a young, white, Christian man working with me. His surname was Bacon, which wasn’t ideal, but he embedded himself in the community so well that he became known as Mr Halal Bacon.”
His point was that although Islamic, or Sharia-compliant, finance was designed to enable Muslims to buy financial products that comply with the tenets of their religon, it is no longer a niche business. “There’s no need to be Muslim to work here or to buy the products,” Mr Ali said.
The global Islamic finance market is growing at 15 per cent a year and is expected to be worth $1,000 billion by 2010. In the UK it has grown to more than £500 million. A recent Mintel report said that 400,000 Muslims in Britain held Islamic products.
Moreover, although the official estimate of the Muslim population in the UK is two million, it is likely to be closer to three million, which means that there is a huge potential market.
NonMuslim Britons are getting a taste for Sharia-compliant products. Steven Amos, head of marketing at the Islamic Bank of Britain, said: “We’ve got nonMuslim customers, including some really famous names, because they like the ethical standpoint we take.”
The Islamic Bank opened in 2004 and is listed on AIM. Last year its customer base shot up by 38 per cent to 42,000, while deposits grew 61 per cent to £135 million and assets went up 51 per cent to £15.8 million. Muslim demographics in Britain offer the potential for even greater growth. Islamic Finance Moves into Mainstream as Investors Seek Ethical Alternatives >>> By Christine Seib | September 16, 2008
Related - ABC NEWS (AU):
Federal Opposition Leader Brendan Nelson says under no circumstances would he support Australia recognising Sharia law.
Dr Nelson's comments came after Britain's Archbishop of Canterbury Rowan Williams said he believed the adoption of certain aspects of Sharia (Islamic) law in the UK was unavoidable.
Dr Williams said British Muslims could choose to have marital disputes or financial matters dealt with in a Sharia court.
But Dr Nelson says everyone who comes to Australia should accept the existing laws.
"The idea that in some way you would change your basic values, culture and law to accommodate some people who feel that they don't want to see themselves as Australians first, above all else - under no circumstances would I support that," he said. Sharia Law Not an Option: Nelson >>> | February 8, 2008
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