Demand for Shariah-compliant banking reached an all-time high last year in the UK according to Al Rayan Bank, which recorded a 449 per cent rise in Islamic savings since 2012.
The wholly Shariah-compliant Manchester-based bank this week reported a soaring number of applications for their home purchase and buy-to-let purchase plans in 2016. Al Yayan bank said the uptick reflects general growth in consumer demand for Islamic banking in Britain.
The surge in applications for the two plans received a record number of eligible enquiries last year, marking a 99 per cent increase over the past five years.
Along with growing demand for home finance, Al Rayan also reported a 47 per cent rise in 2016 of the value of Islamic savings compared with the previous year. Since 2012, these savings at the bank have grown by 449 per cent since 2012.
In a statement on the bank’s website, Al Rayan said the growing demand for Shariah-compliant financial service products shows Islamic finance is becoming an established part of British banking. [Breitbart London] Read more