British financiers are asking the government to take into account the norms of Islamic banking when drafting new bills: the demand for Islamic financial services in the country is skyrocketing.TheCityUK, representing the interests of the largest British banking and financial organizations, recently sent a formal request to the government to provide the necessary conditions for the work of Islamic financial institutions, in particular, the turnover of Islamic sukuk bonds
Assets of British companies that provide financial services that meet Islamic standards have grown by 11% in two years and by the end of 2016 amounted to an impressive $ 5 billion, reports The Telegraph.
Previously, the UK has already become the first non-Muslim country to issue sukuk bonds worth over £ 2 billion in the hope that Islamic investors will help the country strengthen the status of the world's leading financial center.
Today, in connection with the forthcoming withdrawal of the UK from the European Union, some experts doubt that the country will be able to retain this status: Brexit can lead to a reduction of about 40 thousand jobs in the banking and financial spheres. According to representatives of business circles, the development of Islamic banking will help not only to compensate for these losses, but also in the long term to attract virtually unlimited investments from Islamic states.
Considering how many Muslims already live in the United Kingdom, it is safe to say that the TheCityUK offers will receive significant public support. So, in a short time, Great Britain can become the first European country where Islamic financial services will be fully legalized.
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