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Gordon Brown, England’s chancellor of the exchequer, has stated that he wants to make Britain the global center for Islamic finance. The chancellor said the Labour government will continue to implement the "tax and regulatory reform to support the development of Shari’a-compliant finance."

Addressing business leader at a conference organised by the Muslim Council of Britain on Tuesday, Brown said, "Entrepreneurial vibrancy and dynamism of Britain’s Muslims, combined with Britain’s openness to the world and the historic ties with Muslim countries, that makes the ambition to make Britain the gateway to Islamic finance and trade a realistic and realisable ambition."

OCBC Bank has announced another first in Islamic Banking in Singapore, with the launch of the OCBC Treasury Mudharabah Account (OTMA), a new Shari’ah approved product that is based on the concept of ‘Mudharabah’ or ‘profit sharing’.

OTMA was specifically developed to address an increasing need for more Islamic treasury products among Muslim corporate customers, Islamic financial institutions, Non-Profit Organisations, mosques and other Islamic bodies both in Singapore and the region.

Addressing a conference in London recently, Britain’s Chancellor of the Exchequer Gordon Brown said he wanted London to become the global centre of Islamic finance. The statement assumes special significance considering that several UK banks are now offering Sharia-compliant products and services.

What is it that draws so much attention to Islamic finance these days? It is not an exaggeration to say that the one aspect of Islam that wins universal admiration and attention these days is the Islamic vision of finance and economy.