Islamic Financial Services 2005

Until recently banks had not taken seriously the religious problems Muslims have with normal mortgages; an attitude of "if they live here they have to have the same products as the rest”. A few banks are trail blazing with specialist financial products. Will insurance be next, or are our insurers too blinkered ?

It is surprising that it has taken financial services companies so long to wake up to this group of potential consumers by launching products which comply with Islamic law.

Until recently, finance was a religious obstacle to Muslims as they had to be sure that the finance complied with Sharia’a (Islamic) law. Islamic financial must reflect and obey the Islamic principles with which Muslims guide their lives.