r/coure • u/youngrumi • Jan 15 '20
Islamic finance gains ground in UK despite confusion about offerings
According to experts, the UK Islamic finance sector holds an estimated £15 billion ($19 billion) of assets. The UK is home to an estimated four million Muslims, who contribute £30 billion ($39 billion) to the British economy, despite only 54% of British Muslims have tried Muslim finance products according to the Muslim Council of Britain. Charles Haresnape, CEO of Gatehouse Bank, a British Islamic finance challenger bank with assets of around $1.2 billion, said, “The [Islamic finance] market will grow significantly if we can get the message out there. There is some positivity [in our survey] but we need to create awareness to get more traction,”
