Moinuddin Malim, chief executive for Mashreq al Islami Bank, said that financial products that adhere to Islamic teachings will only appeal to the wider western world if they adopt the phrase ‘ethical banking’ instead.
He said that too many people in the UK do not equate ‘ethical’ finance with ‘Sharia’-based products.
Mr Malim said: “What is Islamic banking? It is ethical banking. A lot of people just think that it is only for Muslim, and it is not - it is for everyone.
