Home  Journals  International Accounting  12(162) - 2011 March

Great Britain: Islamic finance without special favours

Available online: 22 March 2011

Subject Heading: Foreign experience

JEL Classification: 

Great Britain is one of the first European countries that introduced changes to the legislation in order to create Islamic financial infrastructure. The latter includes banks operating on participation principles; bonds backed by real assets etc. The UK Government’s approach “no obstacles, no special favours” has undoubtedly given its positive results and at the same time allowed to discover some drawbacks of such approach. All these enables regulators and businesses planning to develop Islamic finance sphere to make valuable conclusions.

Keywords: Islamic Finance, Islamic financial products, sukuk, Islamic Bank of Britain, musharaka, mudaraba, murabaha, ijara

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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