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Challenges And Opportunities For Islamic Banking And Finance In The West: The United Kingdom Experience

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  • WILSON, RODNEY

    (Chairman, Department of Economics)

Abstract

Islamic finance has become increasingly significant in financial centres in the West, notably London, despite the regulatory hurdles presented by operating in a nonMuslim financial environment. The growth of Islamic finance partly reflects demand from Muslim resident and non-resident clients for Islamic deposit facilities and fund management services which involve shari’ah compliance. At the same time Islamic financing methods are viewed as a challenge and opportunity by Western bankers, many of whom have sought to get involved in this growing industry. In client driven societies there is a willingness by those in financial services to listen and learn from the experiences of Islamic banks, which in the longer run may bring a major break through for Islamic banking at the retail level in the West.

Suggested Citation

  • Wilson, Rodney, 2000. "Challenges And Opportunities For Islamic Banking And Finance In The West: The United Kingdom Experience," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 7, pages 36-59.
    • Handle: RePEc:ris:isecst:0086
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    Cited by:

    1. Rodney Wilson, 2010. "Islamic Banking in the United Kingdom," Chapters, in: M. Fahim Khan & Mario Porzio (ed.), Islamic Banking and Finance in the European Union, chapter 15, Edward Elgar Publishing.
    2. Adnan Malik & Karim Ullah & Shakir Ullah, 2020. "Knowledge Diffusion Process & Common Islamic Banking Governance Principles: Integrative Perspective (s) of Managers and Shariah Scholars," Papers 2002.04067, arXiv.org.
    3. Hussam Musa & Zdenka Musova & Viacheslav Natorin & George Lazaroiu & Martin Boda, 2021. "Comparison of factors influencing liquidity of European Islamic and conventional banks," Oeconomia Copernicana, Institute of Economic Research, vol. 12(2), pages 375-398, June.
    4. Badreldin F. Salim & Mohamed H. Mahmoud, 2016. "Islamic Finance: Is it a Time to be Considered as an Alternative during Financial Crisis Times? A Comparative Study in Gulf Cooperation Council," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 1123-1131.
    5. Riaz, Umair & Burton, Bruce & Fearfull, Anne, 2023. "Emotional propensities and the contemporary Islamic banking industry," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 94(C).

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