This project is on Islamic banks in the UK. Islamic finance continues to grow throughout the world. At a projected 15% growth in assets annually, it outpaced the expansion of standard banks. But without doubt Islamic finance remains to be in its infancy – struggling with challenges integrating into western economy along with building new instruments to compete with old – assets of Islamic financial institutions are estimated at £250billion globally. Islamic finance is not only confined to the Islamic world – major markets now exist in the USA and the Uk. In anticipation of the projected expansion of Islamic finance -and the difficulties it would bring for the United kingdom’s regulatory system – the Financial Services Authority (FSA) in the United Kingdom commenced preliminary work on the subject in 2002. Their early attempts to attract the growing market to the UK bore fruit and today London is recognized as on the path of becoming the western centre of Islamic finance – a “gateway” according to the FSA managing director of retail markets, who went on to state…
A video on the rise of Islamic finance.
Contents
1. Introduction
1.1 Aim
1.2 Delimitations
1.3 Methodology
1.4 Definitions
1.5 Previous research
2. What is Islamic finance?
3. Background on Islamic finance
4. Islamic banks in the United Kingdom
4.1 Islamic Bank of Britain plc (IBB)
4.2 European Islamic Investment Bank plc (EIIB)
4.3 Bank of London and The Middle East plc (BLME)
5. Growth of a niche industry
6. Conclusions and discussions
7. Litterature and sources
7.1 Litterature
7.2 Sources: Company websites
7.3 Sources: Annual reports and financial statements, stock quotes
7.4 Internet sources……..
Source: Uppsala University Library
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