The Prime Minister has announced plans to make government finance schemes available to Islamic students and entrepreneurs.
The Prime Minister said the loans would be made compatible with Islam’s strict rules on finance.
Speaking to guests at his annual Eid reception in Downing Street, the Prime Minister said he wanted the UK to be a world centre for Islamic finance.
Mr Cameron said: ” I want Britain to be one of the world’s centres of Islamic finance – from the highest and mightiest financial institutions all the way to start-ups.
“We’ve got tens of thousands of young people starting their own businesses and tonight I can announce that we will make sure that there is a type of start-up loan that is totally consistent with all the principles of Islamic finance.
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“We must do that for start-up loans, we must do that for student loans and we must do it for the enterprise allowance. That’s what a welcoming, tolerant, multi-racial country does.”
The Government hopes that the compliant start-up loans will be available within two years.
Details are still being worked out, with Muslim student bodies and financial institutions being consulted.
