The UK property market is not dependent on overseas investors but they play a huge role, investors from China, India and the Gulf states are some of the biggest contributors in capital the property market in the United Kingdom.
China is still the biggest as far as overall capital, although stricter regulation from the Chinese government has slowed things a little, we have seen a sizable increase from Indian investors, but it is the Middle East is the biggest player behind China.
The UK property markets especially London as always attracted investment from the Middle East, this is set to increase as Britain becomes the number one nation in the West in Islamic finance, according to a new report.
The UK is the fourth most significant center for Islamic finance among non-Muslim-majority nations –
- Sri Lanka
- South Africa
- The UK
Britain has as many as 20 banks all over the country that cater for Islamic finance services, that is twice as many as in the United States.
Five banks in the UK are fully Sharia compliant.
The report from TheCityUK, the representative body for the UK-based financial and related professional services industry, found that globally the market for services in the sector increased 7.5% year on year in 2015 to a record $2trn worldwide.
In Britain, TheCityUK estimates that assets of UK-based financial institutions offering Islamic finance services reached more than $5bn in last year.
“The Islamic finance sector is a rapidly expanding part of the global financial system. Currently, Sharia compliant assets make up just 1% of global financial assets, yet around one in four of the world population is Muslim. There is enormous potential for further growth. Given the UK’s position as a world-leader in innovation and development within the sector, we’re well-placed to capture this opportunity,” explains Miles Celic, chief executive of TheCityUK.
The famous Shard building and the Olympic Village in London, and over 6,500 new homes in various UK regions in some shape or form used Islamic finance in a significant funding role.
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