UK Money News
20th November 2007
Islamic finance 'presents an opportunity for innovation'
Islamic personal finance products have been identified as an important growth area by the UK government, it has been claimed.
The UK Debt Management Office (DMO) states that central government considers the issue to be one of high importance.
It also suggests that engaging with such products could provide valuable help with money across the UK as they could "facilitate innovation" in the personal finance sector.
A spokesperson for the DMO, an executive agency of HM Treasury, commented: "The UK has worked hard to develop a 'level playing field' for Islamic finance products since 2003, when the first tax legislation for Islamic finance was introduced in the Finance Act, relating to stamp duty."
Sharia Law states that followers of Islam may not make money out of money. As a result, charging interest is not allowed, with profits garnered instead through Sharia-compliant investment.
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