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Islamic finance continues to grow, says Lloyds
17 March 2008
Islamic finance is growing at such a rate that it is moving beyond the 'bread and butter' products it was created for into more mainstream finance, Lloyds TSB has said.
With the number of Sharia compliant products expanding, the financial services group said that there is nothing to stop non-Muslims from taking up the products.
In a speech at the end of last year, the Financial Services Authority (FSA) estimated the total Islamic finance in the UK to be valued at £250 billion with a projected growth rate of ten-15 per cent.
Emile Abu-Shakra, a media relations manager for Loyds, said that the growth of Islamic finance will continue.
"In terms of growth, the market is absolutely growing," he said.
"It is very early days in terms of the development of Islamic finance as it is now - we have been able to expand because of the popularity.
"We started out offering a mortgage and a current account - bread and butter financial products - and since then we have developed the range of products that we offer by launching a business account and a student account."
Sharia finance is characterised by the sharing of profit and loss, and the prohibition of usury. 
