David Cameron has unveiled plans to establish the City as one of the world’s leading centres for Islamic finance.
At today’s World Islamic Economic Forum (WIEF) meeting in London, Cameron is to announce that the UK will become the first country outside the Islamic world to issue its own Islamic bonds, known as Sukuk.
In addition, the creation of a ground-breaking new stock exchange index listing Islamic-compliant companies is expected to attract more Islamic investors to the City.
Cameron is expected to say: “Already London is the biggest centre for Islamic finance outside the Islamic world. And today our ambition is to go further still.
“Because I don’t just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world.
“There are some countries which naturally look inwards, pull up the drawbridge and refuse to recognise that the way the world is changing affects their future success. But Britain will not make that mistake.”
The announcements come as a paper from the Muslim Council of Britain (MCB), reveals that British Muslims contribute more than £31bn to the economy and that in London alone, there are over 13,400 Muslim-owned businesses which create over 70,000 jobs.