Britains ambitions to attract investments from Muslim countries, companies and individuals are spurring the gradual establishment of a parallel global financial system based on Islamic Sharia law. British Prime Minister David Cameron announced the plans during a keynote speech at the ninth World Islamic Economic Forum, which was held in London from October 29-31, the first time the event has ever been held outside the Muslim world. Already London is the biggest center for Islamic finance outside the Islamic world, Cameron told the audience of more than 1,800 international political and business leaders from over 115 countries. And today our ambition is to go further still. Because I dont just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world. Speaking on a stage that included Jordanian King Abdullah and the Sultan of Brunei, Cameron dismissed criticism of increasing foreign ownership in Britain: I know some people look at foreign companies investing in our businesses, financing our infrastructure or taking over our football clubs and ask, shouldnt we do something to stop it? Well, let me tell you, the answer is no. Britain is already the leading Western center for Islamic financial and related professional services. It is a leading provider of Sharia-compliant finance. Britain is home to 22 Islamic banks, of which six are fully Sharia-compliant. This is substantially more than in any other Western country or offshore center and is more than double the number in the United States. Islamic investment has financed Londons Shard skyscraper - the tallest building in the European Union - and the 2012 Olympic Village. Middle Eastern investors own Harrods, Londons most famous luxury department store, and the Manchester City football team. Muslims also invested in projects such as the massive London Gateway port, the redevelopment of Battersea Power Station and Arsenal Football Clubs Emirates Stadium. Qualifications in Islamic finance are being offered by four professional institutes and at least 16 universities and business schools. The growing demand for Islamic retail banking services is being propelled by the demographic transformation taking place in Britain. The Muslim population of Britain will top 3.3 million before the end of 2013 to reach around 5.2% of the population. This demographic earthquake is due to large-scale immigration, coupled with high Muslim birth rates and growing numbers of British converts. More than one-third of all small- and medium-sized companies in London are believed to be Muslim-owned. Britain plans to become the first non-Muslim country to issue sovereign Islamic bonds, known as sukuk, beginning as early as 2014. The Treasury has said that sukuk bond issues may require the British government to restrict its dealings with Israeli-owned companies in order to attract Muslim money. gatestoneinstitute.org/4042/britain-islamic-finance
Posted on: Thu, 31 Oct 2013 13:42:23 +0000
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