Saudi Cabinet approves deal with Iraq on financial intelligence cooperation

RIYADH: Islamic banks in the UK saw their assets surge 26 percent in 2023 to $8.2 billion, reinforcing the country’s position as a key Western hub for Shariah-compliant banking. 

Fitch Ratings, in its latest report, expects the UK’s Islamic finance industry to grow to $15 billion in the medium term, up from $10 billion at the end of 2023. 

This growth will be driven by the conversion of a conventional bank to an Islamic bank,…