London may become Islamic mortgage centre

Fri, 03 Feb 2012
London could be set to become the centre of the Islamic mortgage world - but faces stiff opposition from a number of other regions.

Arab News reports that England's capital is staking a claim to become the hub of Islamic finance as the industry grows at a rate of between 12 to 15 per cent.

However, the city will have to fend off some strong challenges to earn the label, as Kuala Lumpur, Dubai and Bahrain are all looking to profit from a sector that is believed to have billions in assets.

According to the news provider, the current centre of activity regarding Islamic finance is Dubai - but the area that deserves the title is Saudi Arabia, as this kingdom has spent billions on the matter over the last few decades.

The emergence of London in this field could make it easier for people in Britain to access Islamic mortgages, with more providers making moves to offer this kind of home loan .

Last month, the Telegraph and Argus reported that the Islamic Bank of Britain has launched its first high street outlet in Yorkshire.
Salaam-u-Allaikum
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