/* */

PDA

View Full Version : Good article about why Islamic Finance in the West is not working



Nirvana
06-29-2010, 08:16 PM
Lots of debate around about why Islamic finance isn't popular in the West. Here is a good explanation by Rushdie:

A quick glance at retail banking in Islamic finance hubs like Bahrain, UAE, Malaysia, reveals that the Islamic finance industry has not surpassed 30 per cent market share. In Malaysia, the majority of Islamic finance customers are not Muslims but ethnic-Chinese. On that basis, how does the industry take the seemingly success of Islamic finance in Malaysia to UK?

Economic immigrants

The majority of the UK Muslim's are from the Indian subcontinent (India, Pakistan, Bangladesh, etc). They came seeking better economic opportunities, education for their children, and upward mobility. These immigrants came from countries where Islamic finance was, at best, more of a theory and less of a practice in the 1960s and 1970s. Finally, the UK Islamic banking experience, from Albaraka to United Bank of Kuwait to (now) Islamic Bank of Britain, resulted in a general levelled regulatory and tax playing field, but even that has not opened the floodgates to Islamic finance. Why?
CLICK HERE FOR FULL ARTICLE
Reply

Hey there! Looks like you're enjoying the discussion, but you're not signed up for an account.

When you create an account, you can participate in the discussions and share your thoughts. You also get notifications, here and via email, whenever new posts are made. And you can like posts and make new friends.
Sign Up
British Wholesales - Certified Wholesale Linen & Towels | Holiday in the Maldives

IslamicBoard

Experience a richer experience on our mobile app!