69 million page views

UK the gateway for Islamic finance

Reader comment on item: Islamic Economics: What Does It Mean?

Submitted by Syed Kasim (Canada), Sep 30, 2007 at 00:59

When I read a book on Islamic Banking in 1985 it looked very remote for me that Islamic Banking would become mainstream. Now the West falsified my thinking. It is really good for the 1/5th of the segment of the world population to take part effectively in the world economy positively. Here are the evidences.

Lloyds TSB is to offer current accounts and mortgages which comply with Islamic law through its 2,000 strong branch network from Wednesday.


Chancellor Gordon Brown called for the UK to become a centre of Islamic finance.

Speaking at the Islamic Finance and Trade Conference the chancellor said he wanted to make the UK "the gateway for Islamic finance".

He pointed to reforms of the tax system to make Sharia compliance easier.

Islamic financial services are big business.


Islamic banking has grown by 10-15 percent per year over past decade



Note: Opinions expressed in comments are those of the authors alone and not necessarily those of Daniel Pipes. Original writing only, please. Comments are screened and in some cases edited before posting. Reasoned disagreement is welcome but not comments that are scurrilous, off-topic, commercial, disparaging religions, or otherwise inappropriate. For complete regulations, see the "Guidelines for Reader Comments".

Follow Daniel Pipes

Facebook   Twitter   RSS   Join Mailing List

All materials by Daniel Pipes on this site: © 1968-2024 Daniel Pipes. daniel.pipes@gmail.com and @DanielPipes

Support Daniel Pipes' work with a tax-deductible donation to the Middle East Forum.Daniel J. Pipes

(The MEF is a publicly supported, nonprofit organization under section 501(c)3 of the Internal Revenue Code.

Contributions are tax deductible to the full extent allowed by law. Tax-ID 23-774-9796, approved Apr. 27, 1998.

For more information, view our IRS letter of determination.)