Former BBC Chair, now International Development Minister, Baroness Fairhead, is leading a Government bid to turn London into the world’s Islamic banking centre.
Outside of the Middle East, London presently leads the world in developing Islamic finance schemes. It has double the amount of Islamic financial institutions than America, and dwarfs France and Germany in this specialism.
Britain is “perfectly placed” to be an Islamic finance hub, claimed the minister at a recent industry conference in London.
The Islamic Insurance Association of London say: “With the Islamic nations of Asia and MENA now amongst the world’s biggest economic success stories there is a real need for the provision of transparent and trusted Shariah compliant commercial insurance and risk products.”
Do you believe that London should be the number one base for Islamic finance? Yes or No?