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London could become world's number one Islamic finance centre
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TOP FINANCIAL chiefs from the City of London met key business people from the West Midlands for talks that could result in the UK becoming the world's number one centre for Islamic finance. To date, there are £250 billion of funds within the Islamic finance system, which is growing at around 15% annually.
Representatives from the City of London, including a number of influential figures from major financial institutions, was at the International Convention Centre in Birmingham for a seminar and workshop hosted by the West Midlands Business Council, Birmingham City Council and the West Midlands Minority Ethnic Business Forum - the body that provides strategic advice to regional development agency, Advantage West Midlands. |
The Lord Mayor of the City of London said: "When it comes to international financial services Birmingham and London are one and are part of each other's strengths. Together we can help the UK attain prime position in this new and important sector - and these talks are an important part of that work."
The event took place on Tuesday, May 29, at the ICC in Birmingham. London now has more banks supplying services under Islamic principles than any other Western financial centre. However, Birmingham is home to the headquarters of the Islamic Bank of Britain.
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