Boom in Islamic banks as recession deepens - Success: Islamic finance exhibition is set for city debut

The city is a hotspot for Shariah-compliant banking, mortgages and insurance due to its large Muslim population. These products are forbidden to charge, pay interest or be linked to the alcohol or tobacco industries. As a result, they have grown more popular because they are not as exposed to the turmoil in the mainstream banking sector, according to Ali Vania, manager at the Leicester branch of the Islamic Bank of Britain, in London Road. Mr Vania will be among a number of Shariah-compliant firms who will be exhibiting at the UK’s first Islamic finance trade exhibition, which is being held in Leicester. The event has been orgainsed by Shariah-compliant motor insurance provider Salaam Halal insurance.

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