But Michael Ainley, Head of Wholesale Banks and Investment Firms at the UK's Financial Services Authority, which is responsible for supervising 350 foreign banks in London, said it is starting to catch on in Britain and other European countries.
'So far we have issued three licences for Islamic banks and very soon the first Islamic insurance company will be open in the UK,' said Ainley.
He added that the basic legal framework for these banks has been set up, yet the major concern is how far the scholars would get involved with the banking process.
'I understand that scholars would have to give their advice on projects the bank wishes to finance, but at the same time we don't want banks to be run by scholars, banks should be run by bankers,' said Ainley.
More news from DIFCweek:
UAE governor reveals secret to sustain growth
UAE may drop dollar peg
Islamic bankers training to improve Shariah efficiency
Islamic banking in need of guidelines
UAE investment shifts towards the East
Islamic banking still catching on
Islamic banking still remains 'opaque' in the international market, despite the sector's steady growth of 5 to 10 per cent per annum, reaching more than $500bn today. Speaking during the second day of the Dubai International Financial Centre (DIFCweek) conference, Arul Kandasamy, Head of the Islamic Financing Solutions at Barclays said: 'Islamic banking is still not understood or even rated by international companies.'
United Arab Emirates: Sunday, November 18 - 2007 at 12:16
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Amena Bakr, Senior ReporterSunday, November 18 - 2007 at 12:16 UAE local time (GMT+4)
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This Article was updated on Monday, November 19 - 2007
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