Islam and Life – London to become hub for Islamic finance: Cameron (P.2)

Part 1:
Part 2:

The market share of Islamic banking continues to increase especially in Britain amid unstable world economic condition.

Although the market share of Islamic banking in the world economy remains at around 1%, it has been rapidly growing.

Recently, UK Prime Minister David Cameron made a bid to position London as the hub of Islamic finance by announcing plans to launch a £200m sovereign Sukuk or Islamic bonds.

In addition to this move, the UK has extended its ‘Help to Buy’ mortgage scheme to loans that comply with Islamic law.

In spite of acute political crises in some parts of the Muslim world, Islamic finance has done remarkably well.

Islamic finance is growing 50% faster than traditional banking and global Islamic investments are set to grow to £1.3 trillion by 2014.