POLITICS

Six Things You Need To Know About Islamic Banking In Britain

25/06/2014 15:07 BST | Updated 25/06/2014 15:59 BST
ANDREW COWIE via Getty Images
British Prime Minister David Cameron addresses delegates at the 9th World Islamic Economic Forum in London on October 29, 2013. It is the first time that Forum has been held outside a Muslim country. AFP PHOTO / ANDREW COWIE (Photo credit should read ANDREW COWIE/AFP/Getty Images)

The Treasury has just sold £200 million worth of Islamic government bonds, known as "sukuk", in a bid to make Britain a global hub for Islamic finance, with it now the first country outside the Islamic world to issue bonds.

This is all part of the coalition's mission, as Prime Minister David Cameron revealed last year, to make London the "capital for Islamic finance", after launching an Islamic index on the London Stock Exchange.

"I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world," he added.

Islamic finance is open to everyone, not just Muslims. The Islamic Bank of Britain enjoyed a 55% increase in applications for its savings accounts by non-Muslims in recent years.

No idea what this is all about though? HuffPost UK explains the six key things you need to know about Islamic finance.

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