An increasing demand for ethical investments will see an increasing number of non-Muslims utilising Islamic financial products, one expert has claimed
Junaid Bhatti, director of Ballencrief House, explained that the nature of sharia banking products offers investors, worried about what their money will be used for, piece of mind.
He said: "Customers have peace of mind that their money will never be involved with any kind of usury - ie interest bearing loans - and that their money will never be used to support business activity that encourages unethical activity."
Firms involved in areas such as the arms trade, alcohol, gambling and tobacco, as well as others, will not benefit from money invested in sharia compliant products, Mr Bhatti added.
"Within five years time I can foresee Islamic finance within Europe being marketed almost exclusively on its ethical merits," he concluded.
According to the Financial Services Authority, "the size of the Islamic mortgage market remains small at around £500 million at present with only a few thousand borrowers".
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Date: 26th, March, 2008
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