Perspective: How Muslims Take an Interest in Banking ; Banking has Always Been Problematic for Muslims As the Paying or Taking of Interest Is Contrary to Their Religious Beliefs. As Part of Islam Awareness Week, Ifzal Akhtar Explains How to Get Around This Seemingly Serious Problem

Birmingham Post › November 25, 2004

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Summary

Did you know that the world's largest Islamic finance deal, worth pounds 886 million, was handled by two UK law firms? Did you know that the UKnow has its first stand-alone Islamic law compliant bank, called the Islamic Bank of Britain and that its headquarters is in Birmingham?

Did you know that the UK has a Muslim population of over two million?

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Extract

Perspective: How Muslims Take an Interest in Banking ; Banking has Always Been Problematic for Muslims As the Paying or Taking of Interest Is Contrary to Their Religious Beliefs. As Part of Islam Awareness Week, Ifzal Akhtar Explains How to Get Around This Seemingly Serious Problem

Knowing these facts, it is not surprising to see why in recent years Islamic finance has taken off in the UK.

For those not familiar with Islamic finance it is desirable from the outset to lay down the axioms.

The first axiom is that for Muslims interest in all its forms is prohibited. The second axiom is that the devout Muslim is genuinely interested in eliminating interest and sincerely desi...

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