Islamic Financial Services in the United Kingdom

By Elaine Housby | Go to book overview

CHAPTER 2
HISTORY OF
ISLAMIC FINANCIAL
SERVICES IN THE
UNITED KINGDOM

The first generation

It is important to bear in mind that a perceived need for complex Islamic financial products and services is not in any sense a traditional problem, but one that has been created by the demands of a modern economy. The majority of first generation Muslim immigrants to Britain came from rural areas with very little in the way of formal banking, Islamic or otherwise. The country to which they came, although much more highly developed than Pakistan or Bangladesh, had not yet entered the world of instant international money transfer and round-the-clock globalised stockmarkets in which we live today. In the 1950s and early 1960s, the period of peak immigration, most working-class people were paid in cash, credit cards had not been invented, loans and overdrafts were only available in exceptional circumstances, houses could sometimes be bought without borrowing and investing in the stockmarket was a specialised pastime of the affluent. There was just far less opportunity for questions of riba and gharar to arise.

I make this point to emphasise the fact that the Islamic financial services industry has not developed simply as part of an increased Muslim cultural assertiveness, but because the needs that it supplies have become far more pressing.

-23-

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Islamic Financial Services in the United Kingdom
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Foreword vi
  • Chapter 1 - Introduction 1
  • Chapter 2 - History of Islamic Financial Services in the United Kingdom 23
  • Chapter 3 - Personal Accounts 45
  • Chapter 4 - Personal Finance 65
  • Chapter 5 - Home Finance 81
  • Chapter 6 - Takaful 107
  • Chapter 7 - Investments and Wealth Management 121
  • Chapter 8 - Sukuk 141
  • Chapter 9 - Business Finance 157
  • Conclusion 173
  • Glossary and Abbreviation 193
  • Index 199
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