London will become new centre of Islamic finance, says PM

12:06 29 October 2013

Prime Minster David Cameron said he wants to make London a centre for Islamic finance. Picture: Oli Scarff/Getty Images

Prime Minster David Cameron said he wants to make London a centre for Islamic finance. Picture: Oli Scarff/Getty Images

2013 Getty Images

David Cameron has announced plans for a new Islamic index on the London Stock Exchange as he tries to establish the City as one of the world’s leading centres of Islamic finance.

The Prime Minister also told the World Islamic Economic Forum, which met in the capital, Britain will become the first non-Muslim country to issue its own Islamic bonds, known as sukuk.

Today’s plans are part of the government’s strategy to tap in to this fast-growing global market, which is expected to be worth £1.3trillion next year.

Mr Cameron told the forum: “Already London is the biggest centre for Islamic finance outside the Islamic world.

“And today our ambition is to go further still.

“Because I don’t just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world.”

The aim of the new stock exchange index listing Islamic compliant companies is to attract investors to London, and the new bonds, worth around £200million, could be launched as early as next year.

Jodie Ginsberg, deputy director of financial research unit Demos Finance, said: “David Cameron is right to throw Britain’s doors open to the Muslim world to showcase our trading wares.

“But we should also use this forum as an opportunity to consider how the principles of Islamic finance itself, not just the money generated in the Muslim world, might be applied in the UK.

“Islamic finance is one of the few models successfully to have weathered the 2008 credit crunch and its aftermath.”

Latest Stories

Yesterday, 18:02
The chair appears to move of its own accord - or perhaps there is a ghostly explanation?

The spooky goings on apparently took place just hours after a psychic medium took to the stage in Romford. Coincidence? Almost certainly...

Read more
Yesterday, 14:28
People enjoy the Royal Victoria beach as temperatures reaches 28C in London.

This weekend saw London’s biggest manmade beach open at the Royal Victoria Dock in Canning Town.

Read more
Yesterday, 13:50
Nightcapp was born when Graham's friends got fed up with him waking them up late at night for recommendations for bars [Image courtesy of Nightcapp]

It’s surprising how much it happens in this global city: last orders comes before you’re ready for it, and you’re left with the choice of finding a 24-hour off-license or getting the nightbus whilst disconcertingly sober.

Read more

TOP Stories

Yesterday, 18:02
The chair appears to move of its own accord - or perhaps there is a ghostly explanation?

The spooky goings on apparently took place just hours after a psychic medium took to the stage in Romford. Coincidence? Almost certainly...

Yesterday, 14:28
People enjoy the Royal Victoria beach as temperatures reaches 28C in London.

This weekend saw London’s biggest manmade beach open at the Royal Victoria Dock in Canning Town.

Yesterday, 13:50
Nightcapp was born when Graham's friends got fed up with him waking them up late at night for recommendations for bars [Image courtesy of Nightcapp]

It’s surprising how much it happens in this global city: last orders comes before you’re ready for it, and you’re left with the choice of finding a 24-hour off-license or getting the nightbus whilst disconcertingly sober.

Promotions

Renault-Zoe

The Renault ZOE follows on from the introduction of the electric Fluence ZE and Twizy, but unlike the former, the Zoe was designed from the ground up as an electric vehicle.

When no simple way to find Real Ale was at hand, 4 Ale enthusiasts got together to allow anyone with a smart phone to find Real Ale no matter where they happened to be, this was the birth of the Perfect Pint app.

London24 have partnered up with The Week magazine to offer you a complimentary issue – delivered free to your door.

London Bloggers

Thursday, July 24, 2014
London comedians are preparing for Edinburgh (Photo by Jeff J Mitchell/Getty Images)

During these sultry July afternoons and endless balmy evenings the nervous musings of young comedians in London drift to dreams of triumph on the Edinburgh stage.

Thursday, July 24, 2014
Punchdrunk's The Drowned Man poduction came to an end on Sunday, July 6

If you’ve been wandering around bereft of purpose, a wet-eyed stare fixed on your blank face, then no doubt you too are as gutted as I am that The Drowned Man has finally come to an end.

Thursday, July 24, 2014
(Photo by Joern Pollex/Getty Images)

We’ve been called P.I.G.S.

Quizzes

The prize is glory (Photo by Dan Kitwood/Getty Images)

It used to be Manhattan that was famous for its majestic skyline, but now our fair city is catching up. Do you know your Shard from your Heron Tower?

Read more
Test your London musical knowledge with our album quiz (Images via Getty)

Does your music knowledge stretch from The Rolling Stones to Rudimental, Spandau Ballet to Siouxsie and the Banshees? If so then test it out with our London bands quiz:

Read more
How much do you really know about QPR legends like Les Ferdinand? Picture: Neal Simpson/EMPICS Sport

Test your knowledge of QPR’s greatest players with our fantastic legends quiz.

Read more