Excerpt:

Britain is encouraging banks through a task force to establish sharia-compliant products, aiming to position London as a Western hub for a fast-growing Islamic finance sector that is expected to reach $2.6 trillion by 2017.

Aiming to build on London's status as a leading exporter of financial services, Britain hopes to step up the challenge to Islamic finance centres such as Dubai and Kuala Lumpur.

"We want to be the leading (Islamic) finance sector outside of the Muslim world," deputy mayor of London Edward Lister said in a press conference in Kuala Lumpur on Wednesday.


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