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Jonny HarrisonJonny Harrison is sailing to Australia from the UK via the Panama Canal before he starts work in Sydney on a secondment at his firm PricewaterhouseCoopers »
Andrew HebdenAndrew Hebden is Assistant Editor (Business) of The Journal »
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Matthew RipponMatthew Rippon is an IP lawyer for BHP Law »
Jez DavisonFormerly editor of a national business lifestyle magazine, Jez Davison is a business writer for the Evening Gazette in Teesside »
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Steve WilkinsonAccessibilty Champion Steve Wilkinson on the importance of inclusion »
Andrea WilkinsonAndrea Wilkinson of Shared Interest is visiting Swaziland to deliver business training »
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Mark LisgoMark Lisgo is a Northeasterner who works for law firm Eversheds in Abu Dhabi, UAE »
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Sharia compliance

Posted by Andrew Mernin on February 8, 2008 9:34 AM | 

It may be some time before Islamic laws become widely accepted by British society as requested by the Archbishop of Canterbury. However, Sharia law is already alive and kicking on these shores in the finance sector.

As the Muslim population of Britain grows, so too does the demand for Sharia-compliant finance packages. The basic characteristics of Islamic insurance and banking services are that you can't earn or pay interest on loans. Also, money can only be invested in worthy causes - this is similar to the western concept of socially responsible investing.

But these finance packages are not purely reserved for specialist Islamic banks. They are fast becoming a lucrative business for global banking giants.

I spent some time working in the Middle East where the major trend was that more and more Western institutions such as Axa Insurance and Barclays were turning their attention towards the rewards of Islamic finance.

There's no doubt this trend has already reached Britain and it may only be a matter of time before every bank on the high street has realised the benefit of catering for Muslim customers.

Comments (2)

allyson rowen taylor wrote...

This is a very dangerous precident and was started by the Muslim Brotherhood. I suggest you read more about the jurisprudence of such deals, and the ZAKAT issues of cleansing, and to what charties the infidels profits go to. No other religon in the world has dictated how we should run mainstream banks. This is the beginning of the end of democracy and more education is necessary.

Posted by: allyson rowen taylor  | February 8, 2008 1:22 PM

Jennifer Miller wrote...

go to this blog-
http://shariahfinancewatch.wordpress.com


this will teach you all you need to know, read the papers, and the risk

Posted by: Jennifer Miller  | February 14, 2008 4:38 PM

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