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Tuesday, September 24, 2013 

London precipitates sharia finance

Britain's government keeps up its efforts to turn London into a sharia finance central (via Intl. Business Times):
Britain is encouraging banks through a task force to establish sharia-compliant products, aiming to position London as a Western hub for a fast-growing Islamic finance sector that is expected to reach $2.6 trillion by 2017.

Aiming to build on London's status as a leading exporter of financial services, Britain hopes to step up the challenge to Islamic finance centres such as Dubai and Kuala Lumpur.

"We want to be the leading (Islamic) finance sector outside of the Muslim world," deputy mayor of London Edward Lister said in a press conference in Kuala Lumpur on Wednesday.

Islamic finance follows religious principles such as bans on interest and gambling, and is playing an increasingly prominent role internationally as often oil and gas-rich investors from Islamic countries put more of their money to work overseas.
That's the dhimmi British government alright. Always making sure to please their most untrustworthy buddies in business.

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