CHALLENGES AND OPPORTUNITIES FOR ISLAMIC BANKING AND FINANCE IN THE WEST: THE UNITED KINGDOM EXPERIENCE

Rodney Wilson
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Rodney Wilson: Chairman, Department of Economics, Postal: University of Durham, England

Islamic Economic Studies, 2000, vol. 07-1, 36-59

Abstract: Islamic finance has become increasingly significant in financial centres in the West, notably London, despite the regulatory hurdles presented by operating in a nonMuslim financial environment. The growth of Islamic finance partly reflects demand from Muslim resident and non-resident clients for Islamic deposit facilities and fund management services which involve shari’ah compliance. At the same time Islamic financing methods are viewed as a challenge and opportunity by Western bankers, many of whom have sought to get involved in this growing industry. In client driven societies there is a willingness by those in financial services to listen and learn from the experiences of Islamic banks, which in the longer run may bring a major break through for Islamic banking at the retail level in the West.

Date: 2000
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