Leaders in Islamic finance gathered at the London Central Mosque on Monday for a high-level forum that spotlighted the rapid global growth of Sharia-compliant financial systems and their potential to reshape Western markets.
The event was jointly organized by the AlHuda Centre of Islamic Banking and Economics (CIBE) and the Islamic Cultural Centre, with sponsorship from UAE-based Royal Bullion Capital. It brought together diplomats, financial experts, and religious leaders to discuss the ethical and economic impact of Islamic finance.
Muhammad Zubair, CEO of AlHuda CIBE, noted his organization’s two-decade effort to expand Islamic banking across more than 60 countries. Dr. Ahmad Al-Dubayan, Director General of the London Central Mosque, welcomed the forum as part of the mosque’s mission to support ethical, Sharia-compliant financial systems in the U.K.
Pakistan’s Deputy High Commissioner to the U.K., Haseeb bin Aziz, praised the initiative, pointing to the parallels between London’s Islamic finance growth and Pakistan’s booming sector. “The industry in Pakistan is experiencing exceptional growth across all sectors, including full-fledged Islamic banking, microfinance, Sukuk, Takaful, and the fast-rising Islamic FinTech market,” he said.
Echoing this sentiment, Mufti Abdul Kadir Barkatulla described Islamic finance as “a growing necessity for modern society,” adding that London’s role as a global financial hub uniquely positions it to advance Sharia-compliant financial solutions in the West.
The technical sessions explored themes ranging from the expansion of Islamic banking in Europe to interfaith dialogue and the role of microfinance. A panel discussion featured representatives from Mayer Brown and Al Baraka Bank U.K., who offered insights into the future trajectory of the sector.
Figures presented at the forum highlighted the U.K.’s rising prominence as a global hub for Islamic finance. Assets in the country’s Islamic banking sector climbed from $7.5 billion in 2021 to $8.2 billion by the end of 2023 marking a 26 percent year-on-year increase.