(MENAFN- Khaleej Times) Islamic Finance is a golden opportunity for the UK and the UAE. Both of our governments can do a great deal to help this industry, still in its relative infancy, thrive. Dubai has ever-growing and active Islamic capital markets and is an important gateway to the Middle East. And London is the world's global financial and business centre with a vast array of high quality financial and professional service providers.
WIEF London encapsulates the emergence of new economic ties between nations, religions and cultures. Some want investments that are managed in accordance with their faith. Others are, in the wake of the financial crisis, drawn by principles of balance, shared risk, fairness and transparency. While others still are attracted by the sheer potential of an industry worth around $1.85 trillion globally with growth rates of up to 15 oer cent per year. The buzz around Islamic and ethical finance continues will grow louder and stronger.
The UK, already home to the world's financial and legal capital, is an increasingly important global player in Islamic finance and its status, reach and competitive market makes the service it is able to offer truly unique.
Our expertise in Islamic finance, where we have a growing number of banks, law firms and other service providers, is highly developed, and supported by an internationally renowned legal system and regulatory framework; a time zone that is advantageous to doing businesses in the East and in the West; and thriving and cutting edge sectors as diverse as healthcare, education and smart cities.
(The writer is a senior minister of state at the UK Foreign and Commonwealth Office)
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