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London promotes Islamic banking
Wednesday, Feb 10, 2010
Gulf News
Abu Dhabi London is promoting Islamic banking which receives wide acceptance in the City and also acts as a bridge with the Islamic world, according to Lord Mayor of the City of London Alderman Nick Anstee.
"It does make a bridge with the Islamic world, at the end ..it is also money," Anstee told Gulf News yesterday in Abu Dhabi in response to a question. He said an Islamic bank set up seven years ago has 50,000 customers. "It shows the wide acceptance of Islamic banking," he said after addressing students of Zayed University ( ZU ) in the capital.
"Five principal organisations [apart from 17 other banks] operate in that market [Islamic banking] in London including multinationals like HSBC which is a key player in the sector," he said.
The Lord Mayor said London would cooperate with Abu Dhabi to develop public-private partnerships in infrastructure projects.
making inroads
Islamic Finance in the West
n 22 banks in London including five that are fully sharia compliant, are more than in any other Western country. Two Islamic banks were granted licences in 2008.
n 20 Sukuk issues raising $ 11 billion listed on London Stock Exchange, exceeded only by Dubai Nasdaq
n Seven sharia compliant exchange-traded funds (ETFs)
n 20 law firms supplying services in Islamic finance.
n Institutions offering educational and training products in Islamic finance.
Source: ‘Islamic Finance 2020' published by International Financial Services London.
By Binsal Abdul Kader
© Gulf News 2010. All rights reserved.
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