The Financial Services Authority (FSA) has today published a paper setting out its role in the development of the UK as the major European financial centre for Islamic financial products and services.
Worldwide, Islamic finance has grown in recent years at a conservative estimate of 10-15% per annum and is worth about £250bn globally

* Residential leasehold flats now qualify for Amanah home finance
* Minimum balance requirement on Shariah current account reduces to £250
HSBC Amanah - HSBC’s Islamic finance division launched in 1998 - introduced UK customers to the high street’s first Shariah home purchase scheme and current account in July 2003. Since then over 1,500 people have applied for £176 million of Amanah home finance and more than 1,000 Shariah current accounts have been opened. HSBC was also the first UK bank to offer trustees a Shariah pension fund in April 2004; it is now offered by over 10,000 UK employers as part of their stakeholder pension provisions.