London is securing its position as a major centre for Islamic banking and investment due to the availability of relevant expertise and a flexible, well developed regulatory environment.
This is according to a report published today by RICS (the Royal Institution of Chartered Surveyors) based on research commissioned by international property consultants, King Sturge.
Up to £500 billion and growing is currently sitting in bank accounts managed under Shariah law making Islamic banking one of the biggest and fastest growing global niche markets.
Shariah-run accounts must operate under a completely different set of rules.
Payment of interest is not allowed and investment activities must uphold Shariah values.
Investing in charities is a popular trend while companies involved with things like, pork, tobacco, and alcohol are off limits.
Angus McIntosh, partner and head of research at King Sturge said: "UK business is now familiar with ethical funds but there is a real need to find out more about the growing opportunities and the nature of the Shariah market as this area represents a crucial opportunity for UK businesses." To read more about banking, click here.
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