Al Jazeera

British banks accused of discrimination against Muslims

London, UK – Some Islamic charities in the UK have considered moving their financial affairs abroad amid concerns that they could be frozen out of the British banking system after several Muslim organisations and individuals linked to them had their accounts closed without explanation.

HSBC faces calls for a boycott after closing the accounts of some Muslim customers.

HSBC faces calls for a boycott after closing the accounts of some Muslim customers.

HSBC, the UK’s largest bank, faced accusations of prejudice against Muslims after sending letters last week to a London mosque, a Gaza-focused aid charity, and the leader of a prominent Islamic think tank notifying them that they were outside the bank’s “risk appetite” and giving them two months to withdraw their money.

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Al Jazeera

London targets growing Islamic finance market

London, UK – Britain is set to the become the first non-Muslim nation to raise money by issuing a government bond-style “Sukuk” compliant with Sharia law as part of a bid to transform London into a global capital of the Islamic finance industry.

London Mayor Boris Johnson addresses the World Islamic Economic Forum. [Getty Images for 9th World Islam]

London Mayor Boris Johnson addresses the World Islamic Economic Forum. [Getty Images for 9th World Islam]

David Cameron, the British prime minister, unveiled the scheme along with plans to launch an Islamic market index at the London Stock Exchange as the British capital this week played host to the World Islamic Economic Forum (WIEF), an annual gathering of political leaders, chief executives and delegations from across the Muslim world.

“Already London is the biggest centre of Islamic finance outside the Islamic world, but today our ambition is to go further still,” Cameron told the event. “I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.”

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