The Role of Islamic Finance in Tackling Financial Exclusion in the United Kingdom

Dr. Mohammed Hersi Warsame currently teaches Islamic Banking and Finance, Islamic Accounting and Islamic Economies as well as general finance courses at the University of Sharjah. Dr. Warsame received his PhD. in Islamic banking and Finance from Durham University, as well as holding two prestigious professional qualifications, namely, ACCA; Author Abstract: The main findings of the research are that the majority of UK Muslims are financially excluded due to the absence of banking products that would meet their needs and would also comply with Shari'a. The research also found that although UK Muslims have a preference for Shari'a compliance finance, the Shari'a compliant financial products currently on offer did not significantly enhance their financial inclusiveness. According to the research finds, the main reasons for the low take-up of the existing Shari'a compliant financial products relate to the strong scepticism about the authenticity of such products.

Abbreviated Sample from Table of Contents Abstract; Foreword by Rodney Wilson; Acknowledgement; List of Abbreviations; Chapter 1: Introduction; 1.1 Research Background; Chapter 2: Introduction to Financial Exclusion; 2.1 What is Financial Exclusion; 2.2 Causes of Financial Exclusion and Those Most Likely to be Affected by it; 2.2.1 Societal Factors; 2.2.2 Supply Factors; 2.2.3 Demand Factors; 2.3 Who is Financially Excluded; 2.4 Wider Implications of Financial Exclusion; 2.4.1 Financial Consequences of Financial Exclusion; 2.4.2 Social Consequences of Financial Exclusion; 2.5 Public Debate on Financial Exclusion; 2.6 Policy Responses to Financial Exclusion; 2.6.1 Voluntary Charters and Codes of Practice and much more.