Britain’s Islamic Finance Sector Worth £6bn
A new report by the British think tank Equi has revealed that Britain’s Islamic finance sector is worth an estimated £6bn and "could generate £2.5bn a year for the UK government".
Islamic Finance Facilitating Gulf Investment
The report shows that Islamic finance is facilitating significant Gulf investment in Britain.
Recommendations for Government Support
The report recommends that the government set up an Islamic Finance Unit to support the sector’s growth and ensure it aids economic growth in Britain.
Public Demand for Islamic Finance
The report finds that 64 percent of British Muslims say they prefer Islamic finance over alternatives, and just over half hold an Islamic bank account. Notably, 30% of non-Muslims expressed willingness to switch to Islamic finance products if comparable services were available.
Gulf Investment Impact
The report highlights that British Islamic finance assets make up 85 percent of the European Islamic finance market, primarily due to money from the Gulf.
Domestic Growth Potential
The report notes strong domestic growth potential for Islamic banking, with retail banking customers increasing by 20% annually between 2020-2025.
Demand for Islamic banking comes from both Muslims and non-Muslims.
