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Islamic Finance: London Can Grab £1tn of Global Market Claims Ethical Asset Management's Saadat Khan
by Shane Croucher
London could capture a trillion pounds' worth of the burgeoning global Islamic finance market, according to a Shariah-compliant asset management firm in the city.
Ethical Asset Management Chief Executive Saadat Khan said the UK could lure the lucrative Islamic investment by encouraging a market with truly Shariah-compliant financial products, because much of what is on offer at the moment does not suit Muslim investors' strict requirements.
Under Shariah finance rules, the charging of interest on lending is regarded as usury and forbidden. Investors must also avoid investments linked to certain things, such as pork and alcohol, which Muslims are barred by their faith from consuming.
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