Islamic finance is reinforcing the UK’s position as a global financial hub, says Amir Firdaus, CFO of the UK’s oldest and largest Islamic bank, Al Rayan Bank.
The UK has a long-standing reputation as one of the world’s most important and innovative financial centres.
The City of London is already the global leader for currency trading, fintech, cross-border banking, asset management and much more.
It is also the leading centre for Islamic finance outside of the Muslim world, with assets of UK-based institutions that offer Islamic finance services totalling more than $5bn.
In light of current political and economic uncertainty, this is certainly a position the UK can leverage, particularly when it comes to driving inward investment and securing trade opportunities in a post-Brexit world.
In recent years, the UK has reinforced its position as the western hub for Islamic finance. Today, over 20 banks in the UK offer Islamic services, five of these banks are fully Sharia-compliant, including Al Rayan Bank.
Al Rayan Bank currently provides Islamic financial products to over 85,000 customers in the UK. The Bank is the largest provider of Islamic home finance in the country and was the first to introduce Islamic business banking to Britain. The Bank is also one of a handful of Islamic current account providers and offers the largest range of Sharia compliant savings products, including the country’s only cash ISAs.