Naz Shah speaks on Islamic Banking and Finance at IFN

Naz Shah speaks on Islamic Banking and Finance at IFN

The UK should ‘further open the doors to Islamic finance or ethical finance’ to boost economic growth, a Bradford MP told a banking conference.

Naz Shah, the Labour MP for Bradford West, was speaking in her capacity as chair of the APPG on Islamic Banking and Finance.

She presented a keynote address to the 14th IFN UK Forum, the Islamic finance industry’s longest-running and leading European event, at Mansion House under the patronage of the Lord Mayor of London.

In her speech, Ms Shah said:”The UK is the largest Islamic Finance centre outside of the Muslim world.

“From a market of just $200bn in 2003, the Islamic Finance sector is now expected to grow to over $4trillion in assets by 2030.”

She added: “By opening our market to Islamic finance or more ethical forms of banking, it helps the UK open its future to new markets, trade and investment.

“At a time, when our nation is facing a cost-of-living crisis, our country needs more investment, trade, and an economy that provides better growth, I believe by further opening the doors to Islamic finance or ethical finance, we can help us do just that.”

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