People from all backgrounds can invest and get good returns through the ethical, risk-sharing structure of Islamic banking.
The UK is the leading Western centre for Islamic finance and has good growth prospects. Over twenty UK banks offer Islamic finance services, which is more than double the number in the United States and far ahead of other Western countries. Five of these twenty are fully fledged Islamic banks, operating in compliance with the Islamic law, known as Sharia.
2017 report by TheCityUK estimates that assets in UK Islamic finance were more than $5 billion (£3.5 billion) in 2016. That is a tiny percentage of the trillions invested in conventional UK banks and the potential is huge given that more than three million, or around 4.4 per cent, of the UK population are Muslims, according to the latest census.
Another factor driving growth is the ethical stance of Islamic banks, for example in excluding investments and financing in sectors that may have a negative impact on the environment and society, such as the adult entertainment industry, alcohol and firearms.
But most importantly, awareness needs to grow that Islamic banking can offer people the opportunity to invest and get good profits through the ethical, risk-sharing structure of Islamic banking, with the security of the Financial Services Compensation Scheme, he concludes.
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