The United Kingdom has established a task force on Islamic finance in an effort to “cement London’s status as the western hub” for the industry, as competition grows among financial centres to attract Sharia-compliant business.
The move is intended to showcase “the UK as the preferred choice for the Muslim world to invest in and do business with”, the British government said in a statement. The measure comes within two months of an announcement by Dubai’s Government that the emirate would seek to refashion itself as a global “capital” of the Islamic economy, with a focus on halal food, pharmaceuticals and cosmetics, alongside charitable giving and dispute resolution………………………………………..Full Article: Source