The global Islamic financial industry stands to benefit from the UK’s development as a more attractive marketplace for Syariah-compliant financing and investment instruments following initiatives announced in the UK budget on March 21.

Standard & Poor’s Rating Services said on March 23 that although Dubai has been the most active trading center for sukuk notes so far, this amendment to the tax law in the UK will make London more attractive for issuing and trading sukuk and provide greater clarity and certainty for investors and issuers.

"We estimate that up to 300,000 retail customers in the UK would be ready customers for Sharia-compliant banking services," said S&P credit analyst Anouar Hassoune in a report entitled -- "World's Islamic Finance Industry To Get A Boost From UK's Development As A Major Marketplace."