| answer text |
<p>Islamic finance is the one of the world’s fastest growing sectors - according to
estimates from TheCityUK, at the current rate of growth, the market will exceed US$2
trillion in assets by the end of this year.[1] The Government has not estimated the
benefits to UK companies of the expansion of the UK’s Islamic finance market, although
we recognise the significant opportunity it represents UK firms.</p><p> </p><p> </p><p>The
Government is committed to ensuring that the UK remains the global partner and destination
of choice for Islamic finance. In June this year the Government was the first western
country to issue a sovereign sukuk, an Islamic bond, worth £200 million. This cemented
the UK’s position as the western hub for Islamic finance and demonstrates that the
UK has created a level playing field which puts Islamic finance on par with conventional
forms of finance.</p><p> </p><p> </p><p>The UK has a high concentration of Islamic
finance and related professional services firms: 6 full Islamic banks, over 20 banks
offering Islamic finance products and services, and over 25 UK law firms have Islamic
finance units. As the Government continues its efforts to develop the UK’s Islamic
finance market, we expect further opportunities and benefits to arise for UK companies
although these have not been estimated.</p><p> </p><p> </p>
|
|
