Challenges and opportunities for Islamic banking and finance in the west: The United Kingdom experience

Abstract

Abstract London has emerged as the major centre for Islamic banking and finance in the West. The aim of this article is to examine the characteristics of the British market for Islamic banking and financial services and analyse the activities of the major institutions involved. Regulatory issues are covered, which present a particular challenge in an environment where hitherto little account has been taken of the needs and preferences of Muslim clients, especially with regard to those who wish to respect the Shariah Islamic law which prohibits interest based transactions. © 1999 John Wiley & Sons, Inc.

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