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Article: HMRC and Brown helping fuel Sharia growth.
- Article from:
- Financial Advisor
- Article date:
- January 11, 2007
CopyrightCOPYRIGHT 2007 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Gordon Brown's stated aim to make Britain a centre for Islamic finances could open up a new market for building societies.
Part of Deloitte's Building Society Update - A New Centre For Islamic Finance in Europe - tackles the issues and concludes that "further Islamic product development or distribution by building societies could be very attractive".
The Muslim population in the UK has been estimated at about 1.8m and according to Deloitte, more business could be expected from around the rest of Europe.
The UK's historic links with the Gulf state, where the market is most developed, is cited as giving the UK a special advantage in the market.