Adam Smith Institute launches new paper on Islamic finance
With global Islamic finance assets set to reach $6.7tn by 2027, this emergent form of financial services is an increasingly important part of the global financial ecosystem. While growth has been concentrated in predominantly Muslim countries, London has emerged as the West’s internationally-recognised hub for Islamic finance, following on from the launch of UK sovereign sukuk in 2014.
As Britain strengthens new partnerships in Asia post-Brexit, the global growth of Islamic finance offers London an opportunity to add another string to its financial services bow. The Adam Smith Institute’s new research paper, ‘Seizing The Opportunity’, explores how the UK can benefit from the global emergence of Islamic finance by creating an enabling environment for Islamic banks and fintechs alike, many of whom want to domicile in the City and export their services to the world’s 1.9 billion Muslims.
In conjunction with the launch of this report, Abdullah Saleh Kamel launches the first of ‘The Saleh Kamel Lecture Series’ hosted by the Adam Smith Institute in commemoration of his late father, Saleh Kamel and to promote the biography Once Upon A Time In Mecca celebrating the father of modern Islamic banking, entrepreneur, philanthropist, leader and one of the key people in shaping modern global Islamic Finance.
Find out more here: salehkamellecture.com
The Rt. Hon Nadhim Zahawi MP, patron of the Adam Smith Institute said: “The UK has the best history of financial innovation in the world, and reforms to allow more Islamic finance to take place in the City will help continue that incredible record. Britain needs to be leading the way in bringing countries like Saudi Arabia ever closer towards the Western world and encouraging the huge potential it has, both in economic development and the important reforms being undertaken there.”