Episode 45-Faith and Friction: The UK’s Islamic Banking Story

The UK is the leading hub for Islamic finance in the West. The London Stock Exchange holds 35% of the US dollar sukuk market, and English law governs most sukuk worldwide.

But domestically, the industry is small. By the end of 2023, Islamic banks made up just 0.1% of UK banking assets, according to Fitch.

In our 45th episode, we spoke to Mohammed Paracha.

A key figure in the early 2000s, he helped shape the sector as part of the Bank of England’s Committee on Islamic Finance. Today, he’s managing partner for the Middle East at Norton Rose Fulbright and co-founder of Nester, an FCA-regulated Islamic FinTech.

Email us: hassan@majlisandmarkets.com

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Intro theme song-Arab and Muslim by StockMusic via Pixabay