23.07.2010 - Islamic bank loans struggle to take root in the U.K.
From Financialpost.com: Islamic financing has fallen on hard times in the United Kingdom. Once heralded as a huge opportunity for banks (considering the UK has an estimated 2.4 million Muslims), a lack of competitive rates has resulted in some banks cutting their Shariah-compliant product offerings completely. Islamic financing took off in the U.K. a few years ago, when banks such as HSBC and Lloyds Banking Group PLC launched financing that complied with Islamís ban on interest. A perceived demand led to 22 lenders tapping into the market by the end of last year..............................................Full Article: Source
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