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Islamic Finance News

Brown to boost islamic banking

GORDON BROWN is drawing up plans to turn Britain into the most Islam-friendly economy in the western world. The chancellor has given Muslim leaders private assurances that he wants to create a 'level playing field' in the economy, so that more and more 'sharia compliant' financial products can be offered to British Muslims.

To comply with sharia law, financial products must not charge or earn interest, which is regarded as usury.

Brown hopes his proposed changes would remove barriers to many British and foreign Muslims participating fully in the financial system. They would help make London the natural home for Islamic funds from around the world, and increase the inflow of investment from oil-rich Middle Eastern countries.
'Making the UK and London a centre for Islamic finance means putting in place the tax and legislative framework that is supportive of Islamic products,' said a senior Treasury official. 'On top of this, we're also looking at promoting the City abroad as a centre for Islamic finance.' Officials insist the changes will not compromise the government's determination to root out and cut off sources of terrorist finance.
Abul Taher and David Smith

Reference:
The Sunday Times - March 12, 2006
www.timesonline.co.uk/article/0,,2087-2081527.html

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