UK government urged to prioritise Islamic finance ahead of BREXIT
London’s top lobby group urges the Government to ensure any laws introduced post-Brexit do not dent demand for Islamic finance as enquiries from banks to set up Shariah-compliant services soar.
UK’s status as a global financial hub is at risk due to Brexit – London’s lucrative euro-clearing market is under threat and the City is expected to lose as many as 40,000 sales, trading and investment banking jobs according to the group’s adviser in international strategy. Wayne Evans.
TheCityUK, which represents Britain’s banks and financial institutions, has sent a 32-page report to the UK Government highlighting that assets of UK firms offering Islamic finance services surpassed $5bn (£3.8bn) in 2016, up 11pc in two years.
Britain is the first non-Muslim country to sell a bond that can be bought by Islamic investors, drawing over £2bn in bids when it issued the sovereign Sukuk in 2014.
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