Lloyds TSB: Islamic finance market 'will continue to grow'

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Lloyds TSB: Islamic finance market 'will continue to grow'

Tue 18th Mar 2008

The Islamic finance market - which offers Shari'a law-compliant products - is set to continue to grow, according to a spokesman from Lloyds TSB.

Emile Abu-Shakra, a media relations manager for the group, said the bank already offers a range of Islamic products, including a mortgage and current, business and student accounts.

However, he believes that demand for Shari'a-compliant products will continue to grow, and not just from the Muslim community.

Although Islamic finance products "are designed with Muslims in mind and are designed to meet the needs of Islamic principles", Mr Abu-Shakra suggested that there is nothing to stop anyone else using them, if they fulfil their financial needs.

Last year, the managing director of retail markets at the Financial Services Authority estimated that the Islamic finance industry in London is worth around £250 billion.

The number of institutions offering the product has also increased rapidly over the past few decades, from one in 1975 to over 300 by 2005, according to figures from the International Monetary Fund.

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