Gordon Brown is today to make a keynote speech to the Islamic Finance and Trade Conference with the aim of promoting London as a key centre for Islamic finance. Sharia law lays out the way in which Muslims should manage their money. We outline the main rules that sharia-compliant funds and mortgages have to adhere to.Traditional UK bank accounts and mortgages do not comply with Islam’s sharia law, so in the past Muslims faced a big decision – compromise their beliefs or look for alternative ways to manage their finances. Now, however, some organisations offer financial services tailored to suit the two million muslims living in the UK.What are the main rules for Islamic finance? The rules lie in the principles of Islam’s shariah law, taken from the Qur’an and the Sunnah, (the way) referring to the way in which the prophet Muhammad lived his life. Continue reading…
Source : theguardian.com
Read more…Q&A: Islamic finance
