NON-INTEREST FINANCE

Ethical finance based on the core principles of fairness and social justice.

Non-interest Finance is a form of finance which incorporates ethical principles and prohibits the acceptance or payment of interest. Non-interest finance is often referred to as Islamic finance in other countries.

Non-interest finance prohibits the receiving or charging of interest. The prohibition of interest is a common theme shared amongst the Abrahamic faiths (Jewish, Christian and Islamic). Non-interest finance also prohibits financing any activity deemed to be unethical and harmful to society

SIZE OF GLOBAL INDUSTRY Non-interest/Islamic products now available in over 37 countries. (2013) 349 worldwide financial institutions offering non-interest products, including 86 insurance companies. (2013) In 2013 the market was worth over $1.3 trillion and growing at a fast rate of 16% year on year since 2006. UK becomes first western government to issue a sovereign Islamic bond (Sukuk) of £200m. (2014) Sub-Saharan Africa reporting over $10bn of Islamic assets and showing rapid growth. (2013) Nigerian State (Osun State) successfully issues first non-interest bond raising $70m. (2013) Source:
1)The Banker Islamic Finance Report, Nov 2013
2)Ernst & Young World Islamic Banking Competitiveness Report 2013-14