London’s first Islamic investment bank opens

April 5—The European Islamic Investment Bank opened for business in London today, a month after receiving clearance from the UK Financial Services Authority.

The bank's managing director, John Weguelin, says: “We believe our purely sharia-compliant approach, together with our independence and status as a UK regulated business, will enable us to become a leader in the Islamic financial market.”

The bank is owned by various investors and companies in the Middle East and elsewhere. It has refused to

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