Need funding for a startup in the UK? Don’t bother with banks
Photo: Den Rise / Shutterstock, Inc.
The British Muslim startup landscape is booming. Each passing month sees the launch of new and enterprising businesses, from fine dining to prayer apps to celeb lipsticks. Despite the success of some individual businesses, many entrepreneurs say that gaining access to startup funding remains their biggest challenge.
The UK government has recognised the value of the Islamic economy by setting up directives to promote the industry, but the options for Muslim entrepreneurs at the seed-funding stage remain limited.
“The UK government’s initial policy objective for Islamic finance was to promote financial inclusion,” said Omar Shaikh, Executive Board Member at the UK Islamic Finance Council (UKIFC), “but there remain various gaps in government- and local council–backed financial initiatives which are not sensitive to, or do not understand, the need to provide a Shariah-compliant alternative. For example, we still don’t have Islamic student loans.”
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Alicia Buller