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Ethics set to push Islamic products to a wider audience

The ethical emphasis of Islamic finance means that products which are Sharia compliant could become a mainstream offering for a market beyond its Muslim core.

That is the prediction of Junaid Bhatti, Islamic finance expert and director of Ballencrieff House, who is expecting to see the flourishing sector widen its reach.

Islamic finance places restrictions on products, which steer clear of investment in unethical activity such as pornography, tobacco, arms-trading, alcohol, gambling, casinos and bookmakers, as well as usurious businesses.

Mr Bhatti believes that these ethical standpoints are likely to prove popular for a wider audience.

"Islamic finance providers have always had an inclusive mindset, and welcoming non-Muslims has been a part of the strategy for almost all the Islamic banks and windows in the Western world," he commented.

"As consumer desire for ethical product options increases, mainstream acceptance of Islamic ethical funds will increase. Within five years time I can foresee Islamic finance within Europe being marketed almost exclusively on its ethical merits."

Islamic finance has taken off in the last decade, becoming a staple of the UK financial scene.

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