This book describes Islamic financial services in the United Kingdom. It is the first book to look exclusively at this country. This is rather surprising when London is a major centre of the global Islamic finance industry. Perhaps, though, the very importance of the country internationally has obscured the situation of Muslims in the United Kingdom itself.
The book is an attempt to provide a comprehensive account of the Islamic financial services that are available in the United Kingdom at the present time. It is in the nature of such a study that aspects of it will quickly become outdated. This is particularly true of a study undertaken during a period of such upheaval in the world of finance. The book was begun at the time when a series of high profile bank failures were shocking the general public as well as the banking industry. On the one hand, this led to increased interest in the Islamic sector, which was perceived to have refrained from excessive risk taking, but, on the other hand, the commercial viability of Islamic services was also affected. Some products were withdrawn from the market during the period that this book was being written. Because this study seeks to present a complete history of Islamic finance in the United Kingdom, such recently discontinued products have still been described in detail. It is likely that some of them will reappear when the economic climate is more favourable.
A book published five years earlier would have presented a much more positive picture of unqualified growth and