Islamic Banking in The UK
6 November 2002 Warren Edwardes interviewed by Bank Marketing International on Islamic finance in the UK.
Conventional banks have yet to be
convinced of the demand for retail Islamic banking services in the UK. To date,
except for one Middle East bank, the major banks have concentrated on providing
Islamic banking services to high net worth Gulf based individuals or to Middle
Eastern corporations." says Warren Edwardes, CEO of Delphi Risk Management, the
banking innovation consultancy.
Apparent structural difficulties in terms of launching Islamic mortgages in the UK have led to uncompetitive pricing and a working party has been established by The Bank of England to address the stamp duty and capital
adequacy issues. However, Edwardes feels that although the authorities' involvement is an encouraging sign, there is more than sufficient scope within current tax legislation to launch Islamic mortgages cost-effectively.
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