Shari’ah Banking is a system based on the principles of Shari’ah law, the religious law forming part of the Islamic tradition, and guided by Shari’ah economic principles. There are two principles underlying Islamic banking:
1. How profit and loss are shared.
2. The collecting of interest, (known as ‘riba’) by lenders and investors, is prohibited.
Shari’ah Banking is not specific to Muslims only. Anyone from all walks of life, and religious outlook, can participate in Shari’ah compliant banking products.
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 the Muslim world, with assets of UK-based institutions that offer Islamic finance services totalling more than $5bn.