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Globally, there are now over 300 Islamic financial institutions, with those in London having received support from Government initiatives to abolish double stamp duty on Islamic mortgage and a recent regulatory focus by the FSA.
Nusrat Janjua, marketing director at IslamicMortgages.co.uk, said it believed Islamic products were making the transition from niche products to the mainstream. He said: "The UK market is witnessing continued demand for more diverse Islamic banking products in retail and investment banking, by an increasingly affluent Muslim investors."
Janjua said the priority now for the Government and the regulator was to create a level playing field between conventional and Islamic finance providers to help promote the UK's image as an Islamic finance-friendly economy in the west.
Reference:
Andrea Tyrhonides
Mortgage Solutions