A British minister called for turning London into a global center for Shariah finance on the 69th anniversary of D-Day.
“It’s about making Britain the preferred choice for the Muslim world to invest in and do business in,” senior Foreign Office minister Baroness Warsi claimed in a speech to the Oxford Center for Islamic Studies.
“It is not a silver bullet but it is a golden opportunity.” Her speech came ahead of the ninth World Islamic Economic Forum this October in London, the first in a non-Muslim country.
Warsi disclosed that the Government is considering a major overseas promotion for UK financial institutions and is looking at establishing a regulator and accreditation for educational courses.
According to OnIslam:
The United Kingdom is one of the leading countries in the European Union to have Islamic banks. It is also developing its takaful market for Islamic insurance.
The UK also has a strong foothold in developing products such as commodity murabaha – Islam’s version of interbank short-term lending and syndicated loans.
Moreover, London has established the first secondary market in sukuk outside the Islamic world to help Islamic investors who seek to buy property and assets in the UK in a way that fits in with their religion, which bans earning interest, speculating or risk-taking.
London is also advanced in Islamic retail services, with institutions offering a range of Islamic banking products, such as mortgages and car loans.
Baroness Warsi claims that Shariah finance has been used to fund London’s landmarks, such as the Shard, the Olympic Village and redevelopments at Chelsea Barracks and Harrods. From our standpoint it seems more like aiding an abetting Islamic imperialism in a country that has already been set on the road to ruin by the terrible effects of Islamization.
It should also be pointed out that Muslims living in the West have a problem with integrating into their host societies and cultures. Setting up Shariah finance in Western countries perpetuates the “separate but equal” division that is appearing in the UK and all over Western Europe.