UK Islamic finance 2021: Opportunities loom amid Brexit and pandemic gloom
LONDON - The United Kingdom’s economic uncertainty continues with the twin blows of Brexit and the havoc caused by the COVID-19 pandemic.
Like their conventional peers, the UK Islamic finance industry faces economic risks particularly with regards to the housing market. At the same time, Islamic banks are less likely to feel the immediate shocks of Brexit as they are more focused on the domestic market.
However, in the near-term, domestic banks will experience asset quality and profitability pressure due to the pandemic, according to Arif Bekiroglu, Vice-President, Senior Analyst at Moody’s.
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