Oasis Crescent, a South African firm, are one of largest sharia asset managers around the globe.
They have opened an office in London and launched 6 funds with a hope to attract business from Britain’s estimated 2 million Muslim population by launching products – such as bonds, equity and property funds – which adhere to Islamic principles including a ban on interest.
Oasis believe they can turn the UK into a hub for Islamic Finance. This is ambitious, given that the UK is home to less than $1.55bn out of $58bn global sharia fund assets, according to E&Y estimates.
However, Oasis still sees potential for the British market to reach 120-160 billion pounds over 10 years.