Segments in this Video

Islamic Finance in the United Kingdom (02:58)


The U.K. has the largest number of Sharia-compliant financial institutions of any western country. The country aims to be the gateway to the western world for Islamic funding. With $19 billion in reported assets, Islamic finance in Britain is a growing industry.

Business Ethics Make Islamic Financing Attractive (04:57)

In conventional financing, participants are pitted against one another; Sharia financing incorporates a sharing of risk. Nigel Denison describes how the recent banking crisis raised questions about bank practices. Islamic financing is based on real assets, is not derivative-based, interest is prohibited, and there is little risk.

Investors Seek Safer Financing (03:27)

Islamic financing is a system based on tangible assets, no speculative products, and no interest. The U.K. has expanded Islamic funding in banking and insurance sectors. More Islamic instructors are needed for the banking industry and investors.

Training in Sharia-Compliant Financing (02:42)

The non-profit Islamic Financial Council was formed to develop Islamic finance through education. Sharia scholars train students from abroad in the mechanics of Sharia-compliant financing. Luxemburg and France are making regulatory changes to enter the Islamic financing market.

Credits: The Western Gateway (00:41)

Credits: The Western Gateway

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The Western Gateway

Part of the Series : Faith in Finance
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There are two million Muslims in the UK. In 20 years, that number is expected to exceed five million. The UK has the largest number of Sharia-compliant financial institutions of any Western country, but Paris, Frankfurt, and Luxembourg are eager to compete. Interviewees include the Lord Mayor of London David Wootton, LSE’s Gillian Walmsley, BLME Executive Director Nigel Denison, and Lord Mohamed Sheikh of Cornhill.

Length: 16 minutes

Item#: BVL145023

Copyright date: ©2012

Closed Captioned

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