Islamic Finance Needs to Compete with Mainstream Financial Products, Says London Summit
At the 5th AlBaraka Summit in London, industry leaders emphasized that Islamic finance must compete on service, value, and trust to attract mainstream savers and investors. They highlighted the need for clearer products, greater transparency, and evidence of community benefits as essential steps toward broader acceptance. Speakers included H.E. Yousef Hassan Khalawi from AlBaraka Forum for Islamic Economy, who stressed ethical growth through fairness and social impact in emerging technologies like AI. Distinguished scholar Mufti Muhammad Taqi Usmani called for adherence to Islamic financial principles such as avoiding interest (riba) and excessive speculation (gharar), while advocating modern adaptations of traditional contracts. The summit also featured insights from government officials, activists, and executives who underscored the importance of governance, regulatory frameworks, plain language communication, and digital banking in expanding access. The discussion linked Islamic finance principles with UK Consumer Duty standards to help customers better understand its advantages over conventional financial products.
Topics: ethical investing Islamic finance regulation transparency