Islamic finance plans ''could create banking jobs in London''

London will play a central role in the future expansion of the Islamic finance sector, it has been predicted.

During a special address at the World Islamic Economic Forum (WIEF), Prince Andrew told delegates the British market is a significant - and growing - one, the Khaleej Times reports.

The special representative for international trade and investment noted: "The UK is already the largest centre in the western world for Islamic finance and eighth globally."

He added figures from Standard & Poor''s indicate Shariah-compliant assets grew to $400 billion in 2009, despite the global economic downturn, while the scope for future growth is expected to improve as nations recover, something that is likely to create new banking jobs in London.

The prince''s remarks come shortly after the launch of the new UK Islamic Finance Secretariat (UKIFS) in Britain and he said the agency will be looking at ways to expand the industry, with 22 banks in the field currently operating in London.

A lobby group comprising institutions and government bodies, UKIFS is intended to promote the development of Shariah-compliant operations in the country.