Guide to Islamic finance in the UK.

[AccessOfficer]

he UK has become a centre for Islamic finance. Most banks deliver Islamic finance transactions and many large professional services firms have specialist Islamic finance teams.

This guide provides an overview of Islamic finance in the UK and includes information on:

•   Islamic finance landscape in the UK
•   history of Islamic finance in the UK
•   investment opportunities in large UK projects
•   Islamic finance education
•   business profiles of key companies offering services covering Islamic finance

"The taking or receiving of interest (Riba) is strictly prohibited as, under Sharia principles, money is not valuable in itself and no charge should be made for its use.

Islamic financial principles also prohibit speculation (Gharar), precluding any involvement in gambling (Maysir) or extreme uncertainty. Any risk in a transaction must be shared between at least two parties, meaning that investors and entrepreneurs alike must bear the business risk for a share in the profit."

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/248791/UK_Excellence_in_Islamic_Finance_2013.pdf

Very interesting.

Best wishes
AO

[devine63]

and this means that some Muslim students (and some Jewish ones) have real difficulty in taking out the gvernment's STudent Loans - because they will be charged interest.

However a London based interfaith chaplain (who is Muslim) pointed out that if they just rename the interest as a "service charge" there should be no problem.
regards, Deb