This is a testament to the rapid growth of Islamic finance globally over the past 40 years. From humble beginnings, Islamic finance is on track to outpace conventional financing in Malaysia, a country with with a rapidly growing population of over 30 million people.
The total sharia compliant banking assets in the UK at the end of the first half of 2018 were £4.1 billion (City UK). This is a not insubstantial figure but compared to total liquid banking assets of £1 trillion (BoE) it shows there is a way to go for Islamic finance in the UK. A regulatory environment that promotes leveling the playing field between conventional and alternative finance and a strong Islamic fintech sector can help to boost the growth of Islamic finance in the coming decades.