Monday, 26th March 2007
As reported in the FT, Lloyds TSB have launched an Islamic Business Account, aimed at the UK's 100,000 Muslim-owned businesses. Account eligibility starts at a £2m threshold, with an Islamic corporate account available to those businesses with a higher turnover.
The strict Islamic laws surrounding Sharia-compliant finance have meant that small business bank accounts have been slow to arrive on the UK market. Since the introduction of Sharia-compliant retail banking products e.g. current accounts, student accounts, car finance and mortgages, the UK Islamic finance market has grown. Islamic mortgages, for example, are projected to be worth £850m this year.
Given the inevitable growth and complexity of this market within the UK, it may be worth noting some potential research sources (I do not have personal research experience of some of these sources):
· The Banker - Islamic banking supplements and rankings
· Islamic Banking and Finance - quarterly publication
· Islamic-finance.com - a database of institutions, events, books and researchers, from more than 30 countries, relating to Islamic finance
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