Cameron Wants London to Be Islamic Financial Capital

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Britain will unveil a new Islamic Market Index on the London Stock Exchange Tuesday.

Prime Minister David Cameron says London is the biggest center for Islamic finance in the West.

But he's not going to stop there. Cameron said he intends to make London "one of the great capitals of Islamic finance in the world."

"I don't just want London to be a great capital of Islamic finance in the Western world," Cameron said in prepared remarks for Tuesday. "I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world."

While it's still relatively small, the Islamic investment market has grown dramatically in recent years and is expected to hit $2 trillion in 2014.

Islamic finance conforms to Sharia law, which prohibits charging interest, speculation, or betting on futures.

Cameron also seeks to make Britain the first Western nation to issue an Islamic bond next year.

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