Than other European countries, the UK's most used to realize the Islamic financial system. First it was the abundance of funds from Middle Eastern countries when oil prices skyrocketed in about the 2000s. Be, the UK prepared to process this fund.
In the notes, the population of London in 2005 were at 7.4 million. The total UK population of 60 million people. Of that amount, 1.8 million people are Muslim. UK banking industry following the government saw this fact as a potential market.
Cohesiveness of the government and the banking industry is fruitful. At the very least, kind of retail bank Lloyds TSB has been providing Sharia-compliant products such as savings and loans for house purchase. Lloyds TSB is the fifth largest bank in the UK.
Interesting facts presented by Noor Ur Rahman Abid who is also Managing Partner of Assurance & Advisory Services Ernst & Young Middle East in February this year. According to Noor, the UK four things close to hand in promoting Islamic banking. They are the role of governments, development institutions, the rules allow, as well as development and learning process is continuous.
Meanwhile, according to Noor, until 2013, Sharia-compliant investments in the world will reach 1 trillion U.S. dollars. In addition, the light of Noor, the abundance of oil made in the Middle East there are funds High Net Worth Individuals (HNWIs) which exceeded 1.4 trillion U.S. dollars. Also, there are investment Sovereign Wealth Fund (SWF) over 2 trillion U.S. dollars.
Furthermore, of the total figure, 15 percent is allocated for the transaction using the financial system of Islam (Islamic transactions). Continue, 15 percent of total funds is worth 500 billion U.S. dollars.
If calculated, the funds for this could be an opportunity for Sharia system to continuously managed. Do not stop there, arguably, the British government, in particular, promote hooked to put London as an international financial center as well. From there, sharia-based products, especially for citizens of European Muslims, pushed to the forefront.
No half-hearted, brave British government removes double taxation in murabaha contract or sale and purchase agreement that gave priority to the agreement between the spot price and profit between the seller and buyer. This policy makes Islamic products have a competitive value.
British government to reform regulations to support development of the sukuk (Islamic bonds) that is now growing rapidly. Long before the transaction occurs, the British government made a friendly rules for Islamic financial transactions. Another step, through the Financial Services Authority (FSA) or the regulatory agencies and the banking and financial supervisory system in the UK as a regulator, to provide convenience as well as to the efficiency of Islamic financial system.
Until now, the UK, there are three banks operating fully as Islamic banks and takaful companies one. In addition, all law firms can handle the case in the practice of Islamic finance. With all the potential in terms of the financial, social, and economic regulation, there is a great opportunity for high growth.
Growth that ultimately benefits the consumer, as well as encouraging the UK in general and London in particular, plays as a reliable center for Islamic finance.
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