A growing awareness of ethical issues is making Islamic style banking and investments more attractive to consumers, one expert has claimed.
Samir Alamad, a spokesperson for the Islamic Bank of Britain explained that, while up take of Islamic financial services and investments among non-Muslims has so far been low, he expects this to change in the near future.
He said: "With growing awareness of consumer responsibility, customers are becoming more concerned about where their money goes and what it is used for.
This is reflected not only by the emergence of Islamic banking, but also by the rapid growth of the ethical investment market as a whole."
Islamic financial products do not invest in pornography, gambling, alcohol, tobacco, the arms trade of interest-based investments, he added.
Last month, Les Coates, director of Ethical Investors, claimed that ethical investments are now more popular with consumers than at any point in the past.
Islamic investments to become more popular, expert claims
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Islamic investments to become more popular, expert claims
Tue, 08 Apr 2008
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Ethical investments on the rise, expert claims
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