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Islamic finance more 'ethical'
13 March 2008
Islamic finance will be marketed to more mainstream customers in the future because it is more ethical than standard forms of western banking, according to a leading Islamic banking expert.
Junaid Bhatti, an Islamic finance expert, said that customers who disagreed with the concept of 'usury' would find a more ethical alternative in Islamic banking, and also the prohibition against lending money for any unethical practices would also attract new clients. .
Mr Bhatti stressed that Islamic banks would welcome non-Islamic customers, and would actively market for customers concerned about ethics in their finances.
"As consumer desire for ethical product options increases, mainstream acceptance of Islamic ethical funds will increase. Within five years time I can foresee Islamic finance within Europe being marketed almost exclusively on its ethical merits," he added.
Islamic banking has become much more prominent globally, with research by the International Monetary Fund showing the in 1975 only one Islamic bank existed, compared to over 300 in 2005.
But the bank still has a long way to go to worry existing UK lenders, accounting for only £500 million pounds out of £1.1 trillion British mortgages. 
