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)

IRELAND - West looks to the East for growth as Islamic finance comes centre stage

www.irishtimes.com - As the Muslim population is expected to rise twice as fast as the non-Muslim population, financial products to service this market could be in line for dramatic growth
WITH WESTERN financial markets still suffering the after-shock of the collapse of Lehman Brothers and the resulting credit crunch and Eurozone sovereign debt crisis, attention is now turning to the Middle East.
While Dubai may have been caught up in the global asset bubble, the region has emerged largely unscathed from the recent crises, paving the way for dramatic growth in Islamic finance. But what is Islamic finance and what does it mean for Irish investors?  (source)

IRELAND - Gilmore speaks of aim to develop Ireland's involvement in Islamic finance

www.businessandleadership.com - Tánaiste Eamon Gilmore addressed a seminar this morning on the Government’s aim to make Ireland a European hub for Islamic finance.

“Internationally Islamic finance, or Sharia compliant finance, has demonstrated impressive growth rates - annual growth rates have been estimated at 15 -20pc,” he said. “The global Islamic finance industry is currently valued at approximately US$1.3trn.
“We see potential for significant growth in this area and it forms an important part of our strategy for international financial services in Ireland,” he said. “We are determined to ensure that the IFSC will develop as a centre of excellence for Islamic finance and are engaging with key stakeholders to move towards achieving this goal.”  (source)

IRELAND - Islamic Finance Development a "Priority" for Ireland

www.worldirish.com - Developing Ireland’s involvement in Islamic finance is a priority for the Irish Government, according to Tánaiste and Minister for Foreign Affairs Eamon Gilmore.
The minister was speaking at the International Fiscal Association Ireland Seminar this morning and outlined his vision for Ireland as a European hub for Islamic finance saying that it is a “good fit” for the country.
Islamic or Sharia law forbids the payment of interest on loans or overdrafts. It also prevents investments in certain sectors such as gambling and adult entertainment. (source)