In today’s City A.M., Caan is quoted as saying there’s “not a branded product which allows Middle East investors to enter the [UK commercial propertly market] using Sharia compliant finance”.
Caan looks to be on the money as Islamic finance is a huge growth area. The lobby group International Financial Services, London recently revealed that the global market for Islamic financial services has grown three fold during the past decade to $531bn in 2006.
London is increasing its influence as an Islamic finance centre; the IFSL says there are 23 banks, nine fund managers and a number of international law firms offering Islamic services in the capital.
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