London is focusing its budding market in Islamic finance, which is already the largest in the Western world, to boost its reputation as a financial centre, banking on growth in an industry with the bonus of being partly shielded from the global credit crisis. The markets are eagerly awaiting a decision by the British government that will decide whether it will be permitted to borrow money by issuing a sovereign Islamic bond. The decision could open up new ventures in a market that STANDARD & POOR’S has estimated could reach $4 trillion overall. Humphrey Percy, CE of the Bank of London and the Middle East said he is very excited about the possible co-operations.

07 Mar 2008 13:42


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