UK - The rise of Islam The UK has 22 banks that offer Islamic products, far more than any other other country in the Western world

www.ftadvisor.com - There has been much debate about the Arab Spring in the past 12 months, with the world’s eyes watching what this will mean for the rest of the globe.
At its very heart lies individual and societal freedoms, but what is particularly interesting is that it is likely to result in more democratically-elected Islamic governments with the promise of moral leadership and shares values. This in turn will result in much greater demand for Islamic finance and wealth management solutions.
The global Islamic finance industry is currently purported to be worth more than $1 trillion (£619bn). It is expected to continue to grow in line with the development and expansion of the financial markets generally with a growing number of new shariah-compliant stocks and sukuk – a financial certificate similar to a bond – and a general desire to assert a specific Islamic identity to social activities.
But while the term Islamic financial planning might conjure up images of the Gulf or north African regions, we believe the UK is, and will continue to play, a pivotal role in advancing the growth. (source)

UK - Specialist proposes fatwa bypass on Islamic products

www.ftadviser.com - UK investors should consider self-certification of Sharia products to bypass the lengthy approval process, a leading designer of Islamic finance propositions has claimed.

Trevor Norman, director of Jersey-based fiduciary specialist Volaw Trust and Corporate Services, was speaking at the International Islamic Banking Finance summit in London. He suggested that UK investors and their advisers should be allowed to research products themselves instead of having to obtain a fatwa, or judgement, from a Sharia board. (source)