uk catering to islamic finance needs by Finance News Bulletin

Published: 20/12/07

Moves by the government and by banks to provide to the Islamic market has opened up monetary possibilities to many Muslims, according to Lloyds TSBThe bank claimed that the government had responded to the need to present banking products and UK mortgages acquiescent with the requirements of Sharia, Islamic law, thus opening up what JWT Intelligence predictable to be £205 billion of Muslim spending powerSharia inhibits Muslims from toward the inside into dealings which make money on money, such as anything interest-related, as well as requiring a purchase like a mortgage to be carried out twice, once by the bank and once by the customer

In doing so Muslims often incur double expenses, such as for trample duty charged on mortgage deals, a penalisation which Gordon chocolate sought to eliminate when as chancellor in 2006 he abolished the extra trample duty outlay, making the UK more open to Islamic finance"There have been a couple of ladder like that to make it easier for these mortgages to be offered," said a orator for Lloyds TSB, indicating that government moves had cemented the way for banks and building societies to give finance products tailored to Muslim needsBarclays Bank has established itself among the most important providers of Islamic banking products, with the formation of an Islamic Banking Unit within Barclays Capital paving the way for financial records and deals catering to specific Muslim interestsconditions of use Advertising Resources manufactured goods guides Press releases

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