UK One Of The World's Top Centres For Islamic Finance

It has been revealed that the UK remains one of the world's top centres for Islamic finance in the west.

New research indicates that the UK's Islamic finance sector is sustaining its place as a world leader.

According to International Financial Services London (IFSL), the City has made its position stronger as a worldwide center for the industry over the last year and approved licenses for new firms to start operating.

In its Islamic Finance report, the firm notes that the sector has important bases in countries like Saudi Arabia, the United Arab Emirates and Bahrain, with the UK ranked in eighth place turning it the leading Western nation.

The study reveals that London has been giving Islamic financial services for 30 years and has currently raised its efforts in order to provide assistance the industry, with the licensing of Gatehouse Bank and European Finance House last year obtaining the number of banks providing the service to 22, with five being entirely shariah compliant.

Additionally, the London Stock Exchange has seen 18 sukuk issues, which are the equivalent of bonds, increasing a total of £6.75 billion putting the UK second only to Dubai.

According to Duncan McKenzie, IFSL's Director of Economics, "Proof of London's mounting role in Islamic finance is pointed out in the UK being the only Western country to highlight prominently, eighth with assets of $18 billion £12.16 billion], in a worldwide ranking of sharia-compliant assets by country.

It has been reported that in December, a joint Treasury-Financial Services Authority project was introduced to verify the ways to raise the UK's status as a worldwide centre for such form of finance.

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