London is set to go head-to-head with the world's leading Islamic finance centres as the government pushes to make the UK a leading centre for Sharia-compliant lending.

The government has announced plans to boost Britain's profile as a hub for Islamic banking, in the hope of benefiting from the rapidly growing market for Sharia-compliant financial products.

A task force led by Greg Clark, Secretary to the Treasury, and Baroness Warsi, Foreign Office minister, has been handed the remit of "showcasing the UK as the preferred choice for the Muslim world to invest in and do business in".

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