Battersea Power Station view from River Thames. (Wikipedia/Alberto Pascual)
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With Muslims comprising 25 percent of the world's population and 10,000 Muslim millionaires in Britain alone, the Islamic investment sector has become a financial powerhouse in the U.K., according to a press release issued by London Central Portfolio Limited. The government recently announced a 200 million pound ($329.7 million) sovereign sukuk, (the Islamic equivalent of a bond), the London Stock Exchange is launching a dedicated Islamic Index and the mayor of London is planning a Shariah compliant technology fund: a clear message that Shariah is here to stay. London has taken in over 11.7 billion pounds of Islamic investment in the last 10 years, making it the largest Islamic financial center in the Western world. However, the industry is also booming on a noninstitutional level as Muslim investors review their portfolios and seek out Shariah-compliant options.
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