Publication:
Islamic banking in the United Kingdom
Abstract
This chapter examines the experience of Islamic banking in the United Kingdom since 1980, focusing onwholesale operations, retail saving and investment products and home finance. Regulatory and legal issues are discussed, as well as institutional developments and the challenges of serving the British Muslim community of over 1.8 million people. The operations of exclusively Islamic banks are examined, notably the Al Baraka International Bank during the 1980s and early 1990s and the Islamic Bank of Britain from 2004. The activities of conventional banks offering Islamic facilities are also analysed, the focus being on the United Bank of Kuwait and its successor the Al Ahli United Bank, and more recently HSBC through its Amanah Islamic finance subsidiary and Lloyds TSB.
Keywords
Islamic banking , Islamic finance , United Kingdom , Shariah-compliant , Islamic financial institutions
Citation
Wilson, Rodney. (2010). Islamic banking in the United Kingdom. In M. Fahim Khan & Mario Porzio (Eds.), Islamic banking and finance in the European Union (pp. 212-221). Cheltenham, Glasglow: Edward Elgar Publishing Limited
Publisher
Edward Elgar Publishing Limited
Available in physical copy only