Thursday, November 28, 2013

British-Muslims contribute 31 billion pounds to economy

Britain has more than 10,000 millionaires from among 2.72 million Muslims contributing 31 billion pounds or Rs 3.0 trillion to its economy, says a report.

‘The Muslim Pound - How Muslims Add Value to Britain’s Prosperity’ was released by the Muslim Council of Britain ahead of the just-concluded 9th World Islamic Economic Forum Meet 2013 in London, one report says.

Five decades on, there are more than 10,000 millionaires and thousands of others are engaged in higher managerial, administrative and professional occupations.

Nearly 2.8 million Muslims in the UK contribute over 31 billion pounds to its economy and wield a spending power of 20.5 billion pounds, a report said this November.

A paper from the Muslim Council of Britain (MCB) said from coffee houses in Elizabethan London, to curry houses in modern day Britain, thousands of Muslim-owned businesses have made a significant contribution to the UK economy and by extension, the cultural life of Britain.

The report said there are some 2.78 million Muslims in Britain, contributing over 31 billion pounds to the economy.  There is an anticipated 10,000 Muslim millionaires in the UK with liquid assets of more than 3.6 billion pounds, with more than a dozen British Muslims listed in the 2013 Sunday Times Rich List of the most affluent in the UK.

In London alone, there are over 13,400 Muslim-owned businesses in London creating more than 70,000 jobs, the paper said.

The report was published to highlight Muslims' growing contribution to the UK and to mark the 9th World Islamic Economic Forum (WIEF) went to London this month, the online portal Huffington Post UK reported.

The MCB report comes as Prime Minister David Cameron is set to unveil a new Islamic index on the London Stock Exchange.  The move, as expected to be worth 1.3 trillion pounds next year, marks the capital's significance as a global centre for Islamic finance.

The city will be the first non-Muslim city to host the World Islamic Economic Forum.

"I welcome the effort of the British Muslim community in bringing the World Islamic Economic Forum to London. My have worked with the Muslim Council of Britain to bring this Forum to London, who has been a key delegation at World Islamic Economic Forum since its inception," said London's Mayor Boris Johnson.

The MCB is a national representative Muslim umbrella body with over 300 affiliated national, regional and local organizations, mosques, charities and schools.

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