To comply with sharia law, financial products must not charge or earn interest, which is regarded as usury.

Brown hopes his proposed changes would remove barriers to many British and foreign Muslims participating fully in the financial system. They would help make London the natural home for Islamic funds from around the world, and increase the inflow of investment from oil-rich Middle Eastern countries.

“Making the UK and London a centre for Islamic finance means putting in place the tax and legislative framework that is supportive of Islamic products,” said a senior Treasury official.

“On top of this, we’re also looking at promoting the City abroad as a centre for Islamic finance.”

via Brown to boost Islamic banking – Times Online. This article dates back to March, 2006, but it’s importance has not diminished. Because in the present situation of global economic crisis Western countries are having similar ideas: for exmple the US:

The Risk of Shariah Finance: While Americans are selling their positions in U.S. companies, Middle Easterners flush with petrodollars are aggressively gobbling up these stocks at fire sale prices. Moreover, as American financial institutions report the losses that forced them to deplete their cash reserves, CEOs are begging for loans from oil-rich Middle East nations that have benefited from the rise in oil prices in recent years from $30 to nearly $100 per barrel. As one former Wall Street executive lamented, U.S. business leaders are “lining up to kiss the ring.”. (…) How might this harm America? If any of these investors, or a bloc of investors, gains enough controlling shares of a company, they can exact a dangerous influence. This might include the insistence that a corporation’s activities are halal, which would mean jettisoning business interests that include: banks charging interest; firms that are either based in Israel or are working with the Jewish state; firms developing weaponry used in Iraq, Israel, Afghanistan or other Middle Eastern states; casinos and other gambling companies; businesses that involve pork products; alcohol distillers and bottlers; publishers that release books critical of Islam; and even entertainment companies that could offend Muslim sensibilities or appear incompatible with Muslim values.

Melanie Phillips h/t Shariah Finance Blog was very clear as to the extent of the dangers: [Western leaders] don’t understand that the spread of sharia banking in Britain and America is a significant part of the attempt to Islamise Britain and America. Acceptance of sharia finance furthers the Islamist objective of gradually legitimising Islamic sharia law more generally in the west. (…) The most important point to grasp is that Islam recognises no authority superior to sharia. Sharia banks will therefore not recognise the superior authority of the law of the land. When trillions of pounds and dollars are locked into them, who will argue with them?