thenational.ae - Internationally, Islamic banking is also gaining ground as a competitive alternative.
The Financial Times last month reported that Islamic banks were providing the best returns on cash deposited for two, three, four and five years, encouraging more UK customers to put money into Sharia-compliant accounts.
Since advertising profit rates of up to 4.8 per cent on comparison sites such as moneysupermarket.com, Bank of London and The Middle East (BLME) has seen a four-fold increase in customer deposits, most of which derived from non-Muslim investors, Nigel Denison, BLME's executive director, told the Financial Times.
But there is a catch.
BLME, one of the main providers of Islamic finance in the UK and arguably the largest Islamic bank in Europe, sets a £50,000 (Dh296,265) minimum deposit. (source)
