Worried that Britain is going bankrupt? Cheer up – we're about to be bought up by the Islamic world.

A report by International Financial Services London reveals that Britain's Islamic banking sector is now bigger than that of Pakistan.

The study says that the UK has by far the largest number of banks for Muslims of any western country.

The UK now has five fully 'sharia-compliant' banks – providing products which prohibit interest payments and investment in alcohol or gambling firms in accordance with Islamic sharia law – while another 17 leading institutions including Barclays, RBS and Lloyds Banking Group have set up special branches or subsidiary firms for Muslim clients.

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