UK Money News
21st December 2007
Providers 'must ensure Sharia compliance' on Islamic products
UK personal finance institutions interested in making the most of the Islamic way of conducting business must be careful to keep their operations separate, it has been stated.
The Chartered Institute of Management Accountants (Cima) states that conventional UK personal finance products rely on interest and uncertainty - aspects which are not permitted under Islamic law.
John Willsdon, learning and development specialist for Cima, said: "The two key aspects of compliance relating to the finance industry is that you can't charge or give interest and you should avoid uncertainty.
"The conventional finance industry is built on both of these prohibited factors."
He explained that institutions wishing to offer Islamic products do so through "windows" - subsidiaries maintained separately from the conventional operation to prevent them becoming "tainted".
The money news follows figures from the Financial Services Authority that suggest the Islamic finance industry is worth £250 billion globally.
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