BBC NEWS Business First Islamic bank to open in UK
Well it took a long time, but finally the first purely Islamic Bank is set to open in the UK. Of course, traditional British banks have been offering some "products tailored for Muslims".
The biggest difference between traditional Western banking and Islamic Banking is the absence of Interest. Consequentially the banks have to come up with alternative ways to make money. They do this with leasing and arrangements similar to repurchase agreements.
For more in Islamic Finance (including its relation to socially responsible investing), please check the notes I use for my International Finance Classes. The notes were developed with the help of my friend Luma Zetani.
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