Financial News

• Brown dismisses housing crisis fears (09 04 2008 10:15)
• Mortgage hope offered by bank (09 04 2008 10:15)
• Consumer morale 'falls again' (09 04 2008 10:15)
• Bristol & West withdraws deals (09 04 2008 10:15)
• Retirees feel 'unhappy due to no longer working' (09 04 2008 10:15)
• Severn Trent to be fined £36m (08 04 2008 04:15)
• Brown to announce first time buyers help (08 04 2008 04:15)
• UK bank details 'for sale by thieves' (08 04 2008 04:15)
• Last 100% mortgage to disappear (08 04 2008 04:15)
• High earners 'shut out of market' (08 04 2008 04:15)

Subscribe!

Islamic finance 'to grow'

Consumers are becoming increasingly concerned about the moral implications of where their bank's money is going, it has been claimed.

The comments were made by a spokesperson for the Islamic Bank of Britain - who claimed that Islamic finance would be a key growth area in future for this reason.

This is because the alternative financial system is based on not charging interest - which is prohibited by the religion - preferring instead to lend on the basis of risk-sharing.

The spokesperson commented: "With growing awareness of consumer responsibility, customers are becoming more concerned about where their money goes and what it is used for.

"This is reflected not only by the emergence of Islamic banking, but also by the rapid growth of the ethical investment market as a whole."

Recent research from the Financial Services Authority estimated Islamic finance to be worth around £250 billion globally.

Send this article to: