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“Government Ministers Key to Growing Islamic Finance in the UK”

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Government Ministers Key to Growing Islamic Finance in the UK
Secretary General of AlBaraka Forum for Islamic Economy, Yousef Khalawi, honored Ms. Aalia Jafar, Director, International Relations, The Islamic Chamber of Commerce and Development, for delivering the closing remarks at the 3rd AlBaraka Summit.

After a successful third edition in London exploring the global prospects for Islamic economics, the annual AlBaraka Summit is already preparing for its next event in 2025. The summit, which gathers economists, business leaders, academics, and scholars, aims to explore alternatives to traditional capitalist economic models and address misconceptions about Islamic finance. Euronewsweek spoke with Yousef Hassan Khalawi, Secretary-General of the AlBaraka Forum for Islamic Economy, who shared insights on the role of Islamic finance in promoting sustainable development and ethical financial practices. He also discussed how government ministers can play a pivotal role in fostering the growth of Islamic finance in the UK.

ENW: How have you witnessed the growth of Islamic Finance in the UK?

The growth of Islamic Finance in the UK has been impressive over the past few decades. London has positioned itself as a leading hub for Islamic financial services in Europe, supported by a conducive regulatory framework and strong government interest in financial inclusion.

The number of financial institutions offering Sharia-compliant products has increased and academic and professional courses related to Islamic Finance have proliferated. The issuance of the UK’s sovereign Sukuk was a significant milestone, demonstrating the maturity and stability of this sector.

However, London’s potential as a global financial centre, in addition to the economic strength of the Muslim community in Britain and Britain’s relations with the countries of the Islamic world, make us confident that the potential and opportunities available are much higher than what has been achieved so far. For example, a discussion took place at the 2nd AlBaraka Summit in London in 2023 about the need for Muslims in Britain for integrated banking services that cover all their needs.

ENW: What are the common misconceptions about Islamic Finance and what is your advice to overcome them?

A common misconception about Islamic Finance is that it is solely for Muslims or that it lacks competitiveness compared to conventional finance. Another misunderstanding is that its ethical principles restrict profit-making or business growth. To overcome these misconceptions, education and awareness are key. It is important to highlight that Islamic Finance offers a robust, ethical global financial system rooted in risk-sharing and asset-backed structures, which can appeal to a broad audience interested in sustainable and socially responsible investing. Clarifying these aspects through targeted outreach and workshops can dispel myths and promote wider understanding.

ENW: What are the key benefits of Islamic Finance over the traditional capitalist model?

Islamic Finance stands out due to its emphasis on ethical principles, shared prosperity, and social justice. Unlike the traditional capitalist model, which often focuses on maximising shareholder profit, Islamic Finance is built on risk-sharing and asset-backed investments.

This reduces speculative behaviour and creates a more stable financial system. Additionally, it prohibits investments in harmful or unethical industries, ensuring that economic growth is aligned with societal welfare. These features promote financial inclusion, transparency, and a fair distribution of wealth, making Islamic Finance a compelling model for sustainable and responsible economic development.

ENW: How does the AlBaraka Forum support UK businesses to grow?

The AlBaraka Forum can support UK businesses by fostering collaboration, providing a platform for knowledge exchange, and facilitating networking between industry leaders and entrepreneurs. The forum offers workshops, seminars, and conferences that educate businesses about integrating Islamic financial principles into their operations and accessing Sharia-compliant funding.

For example, the forum has hosted events where businesses connect with potential investors and learn about innovative financial instruments suited to their growth strategies. This support empowers businesses to diversify funding options and align with ethical financial practices that appeal to an increasingly conscientious consumer base.

Naz Shah MP, Labour Member of Parliament, addressed the idea of changing the culture of Islamic finance in UK

ENW: How do you think MPs like Naz Shah, speaker in the Summit, can influence the growth of Islamic Finance in the UK?

MPs like Naz Shah and other government ministers can significantly influence the growth of Islamic Finance in the UK by advocating for supportive policies and raising awareness at a national level. Their engagement can help shape a regulatory environment that is conducive to Sharia-compliant financial products, ensuring these offerings are accessible and integrated into the wider financial system.

By promoting education and encouraging dialogue between Islamic financial experts and mainstream financial institutions, policymakers can foster a greater understanding and acceptance of Islamic Finance as a viable and ethical alternative.

ENW: In your opening keynote on day 1, you explained that there are plans to develop more AlBaraka Summits in 2025 – can you share more details about the future growth of the AlBaraka Forum?

The future growth of the AlBaraka Forum is centred on launching strategic projects that have been in development for several years. One of the key initiatives is the launch of AlBaraka Publications, which aims to spread knowledge and translate essential books into multiple languages. This endeavour includes a carefully planned series that has been structured over the past two years to ensure high-quality dissemination of Islamic economic thought.

Through such projects, the AlBaraka Forum seeks to promote scholarship, foster deeper understanding, and support the ongoing advancement of Islamic Finance and economics on a global scale.

ENW: What role can Islamic Finance play in making business and financial institutions more sustainable?

Islamic Finance has an integral role in promoting sustainability through its foundational principles that emphasise ethical conduct, social responsibility, and risk-sharing. By prohibiting speculative practices and ensuring that all investments are asset-backed and tied to tangible economic activity, Islamic Finance fosters long-term stability and reduces financial volatility. Moreover, the concept of Maqasid al-Shariah aligns economic activities with societal welfare, making sure that growth is not only profitable but also beneficial to communities and the environment.

Islamic financial instruments, such as Sukuk, can be specifically structured to fund sustainable and green projects, such as renewable energy and infrastructure development. This focus on impactful investments encourages businesses and financial institutions to adopt practices that prioritise environmental and social governance (ESG) standards. By adhering to these values, Islamic Finance promotes a model where economic advancement goes hand-in-hand with environmental stewardship and social equity, leading to a more sustainable future for all.

ENW: How do you think Islamic Finance can increase its influence and stature in both non-Muslim and Muslim-majority countries given the current geopolitical tensions in the world?

Islamic Finance can enhance its influence by positioning itself as a bridge for economic collaboration, focusing on universal principles of fairness, transparency, and social equity.

This appeal can attract non-Muslim countries interested in diversifying their financial systems and offering ethical investment alternatives. By promoting cross-border investments and partnerships, Islamic financial institutions can foster economic resilience and inclusive growth. Showcasing successful models and case studies, as well as fostering dialogue and education, can help Islamic Finance expand its reputation and reach beyond traditional markets, even amid geopolitical challenges.

ENW: What are your hopes for the Memorandum of Understanding (MoU) with the Durham Centre for Islamic Economics and Finance?

The signing of the MoU with the Durham Centre for Islamic Economics and Finance marks a significant step forward in academic and industry collaboration. My hope is that this partnership will drive new research, thought leadership, and innovation in Islamic Finance.

Through joint conferences, workshops, and scholarly exchange, we aim to develop practical solutions that bridge theory and practice. This collaboration will also provide valuable opportunities for students and researchers to engage with industry professionals, fostering a new generation of leaders equipped to advance the field of Islamic Economics and Finance.

Digital content consultant with over 10 years of experience writing about business and startups.

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Why more UK businesses are choosing to repurpose rather than rebuild

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Why more UK businesses are choosing to repurpose rather than rebuild
Within the environmental case, reuse offers businesses a practical route to expansion. | Photo: Glypse Tan

Rather than clearing a site and starting again, more UK businesses are choosing to work with what’s already there. Adaptive reuse, converting warehouses, former retail units, industrial buildings and dated offices into premises fit for modern use, is fast becoming a genuine growth strategy instead of a fallback option. As development costs rise, planning rules tighten, and sustainability expectations increase, the appeal of reworking existing structures has grown sharply. For many organisations, the ability to modernise a familiar building, reduce environmental impact, and avoid the disruption of relocation is becoming a practical and commercially attractive alternative to starting from scratch.

Why Adaptive Reuse Is Gaining Attention in the Commercial Sector

Interest in reuse has grown alongside a sharper understanding of the environmental cost of starting from scratch. Historic England’s research into embodied carbon found that refurbishing a typical building produces just a fraction of the emissions associated with demolishing it and constructing new, since so much of a building’s carbon footprint is locked into its original materials and structure. That evidence has shifted reuse from a niche, heritage-led choice into a mainstream consideration for developers and occupiers alike.

The Business Benefits of Repurposing Existing Buildings

Within the environmental case, reuse offers businesses a practical route to expansion. Converting an existing building is typically faster to deliver than a full redevelopment, avoids lengthy planning battles associated with new-build schemes, and lets a business retain a familiar location that staff and customers already know. For many organisations, that combination of speed and continuity outweighs the appeal of a brand-new but disruptive move.

Balancing Sustainability Goals With Commercial Growth

None of this means cutting corners on ambition. A converted warehouse or repurposed office can meet the same performance standards as a new building when the right upgrades are made, from improved insulation to more efficient heating and ventilation. The goal isn’t choosing between sustainability and growth but recognising that a well-executed reuse project can deliver both at once, often more affordably than starting again.

Modernising Older Properties for Today’s Business Needs

Older commercial buildings frequently fall short of what today’s occupiers expect, but that gap is rarely as difficult to close as it first appears. Bringing more daylight into a deep-plan warehouse or industrial unit, for instance through the addition of rooflights or roof windows, can change how usable a space feels without touching its footprint. JLL’s recent analysis of the UK office market highlights exactly this kind of targeted, lighter-touch refurbishment as one of the sector’s strongest opportunities, particularly in regional towns and cities where good-quality space is in short supply.

Creating Long-Term Value Through Strategic Refurbishment

Done well, reuse projects tend to hold their value over time instead of simply delaying the need for further work. A building refurbished with durability and future flexibility in mind, rather than the cheapest possible fix, is better placed to adapt to whatever a business needs next, whether that’s a change of use, a change of tenant, or simply changing working patterns.

Adaptive reuse won’t suit every site, but for a growing number of UK businesses it’s proving to be a more resilient path to growth: one that makes the most of what already exists rather than starting over.

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How much does it cost for a small business to exhibit at a London event?

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How much does it cost for a small business to exhibit at an event in London
Exhibiting in London can quickly become a five-figure investment for a small business. | Photo: Marcio Delgado

Exhibiting at a London trade show sounds fairly straightforward. Pay for a stand, bring some products, spend the day talking to potential customers and hopefully leave with enough leads to make the whole thing worthwhile.

Then you discover the stand needs electricity. And furniture. And graphics. And someone to staff it. And somewhere to store everything. And possibly Wi-Fi that costs more than your home broadband.

For a small business or startup, the real cost of exhibiting at a London event can range from a few thousand pounds to well into five figures.

So, if you’re considering your first exhibition, here’s what you should actually budget for in 2026 — and how packages that bundle together most of what you need can save you money and give you some peace of mind.

1. Exhibition space: from roughly £2,000

Your biggest expense will usually be simply getting onto the exhibition floor.

There isn’t a standard London rate. Smaller specialist events may offer packages for a few thousand pounds, while major exhibitions can more than £1,000 per square metre.

For a small company testing exhibiting for the first time, £3,000–£6,000 + VAT for the space alone is a realistic starting assumption.

And check exactly what “stand” means before signing anything.

2. The actual stand: £500–£5,000+

If you’ve bought a shell scheme, you’re usually getting the exhibition equivalent of an unfurnished flat: walls, flooring and perhaps basic lighting and a name board.

You still need to make it look like your company.

For a basic setup, you might spend £500–£1,500 on printed graphics, banners, counters and displays that can potentially be reused.

A custom-built stand is another world entirely. Once designers, builders, specialist materials, screens and installation become involved, several thousand pounds can disappear remarkably quickly.

If this is your first exhibition, reusable graphics and a simple stand are usually the more sensible option. Nobody has ever signed a £50,000 contract because your shelving had particularly beautiful curves.

3. Electricity, Wi-Fi and the boring extras: £200–£1,000+

Here lies one of the great joys of exhibiting: discovering that a plug socket is now a premium product.

A London event, earlier tis year, offered a basic 500W switched socket at around £169 on the early-booking rate. Lighting, additional power, internet connections, screens, cleaning and other services can all be separate.

Before booking, ask the organiser for the optional-services price list. It may tell you considerably more about your final bill than you imagine.

4. Staff: realistically from £150 per person, per day

Someone has to actually stand there.

If that’s you, there’s technically no additional payroll expense — although your time still has a cost, particularly when you’re the person who normally runs the business.

If you’re hiring temporary staff, remember that the legal National Living Wage for workers aged 21 and over is £12.71 an hour since April 2026. Your actual cost is likely to be higher once you account for the rate required to attract suitable event staff, agency fees where applicable and employer costs.

For budgeting purposes, allowing £150–£250 per person for a normal event day is a reasonable starting point for basic temporary staffing, with experienced salespeople, demonstrators or specialist staff costing considerably more.

5. Products, samples and giveaways: £100–£1,000+

Budget according to the cost of getting someone to remember or experience your product, instead of simply producing merchandise because exhibitions traditionally have merchandise.

For a small brand, £100–£500 might cover simple printed materials and samples. Product-heavy businesses could easily spend £1,000–£2,000 or more.

What matters is what you’re trying to achieve. A food or beauty brand, for example, will genuinely fare better with hundreds of samples rather than overly elaborate — and costly — merchandise with your logo on it. You’re welcome to spend enormous amounts of money on tote bags or magnets, but you don’t necessarily need them to make your participation in a trade show a success.

6. Transport, storage and logistics: £200–£500+

Then everything has to get there.

If your exhibition display fits into two suitcases, congratulations: you’ve won.

If you’re transporting boxes of stock, furniture, display equipment or large graphics into a major London venue, you’ll need to consider couriers, parking, loading restrictions, storage and potentially overnight accommodation for anyone travelling from outside London.

For a small London-based company with a simple setup, £200–£500 may be sufficient. Once vans, couriers and storage enter the equation, it can easily add up.

You don’t even need to be transporting items for an exhibition these days to expect to pay a premium rate to get stuff from A to B. Earlier this year, I bought a vintage bookcase on eBay for £250. To get it from Devon to London, the cheapest quote I managed to find from a delivery company was £175.

7. Consider events offering all-in-one packages

There is another model worth considering that can make exhibiting your business in London more affordable: events where most of those moving parts are bundled together.

Industry trade event Beauty Bulb Live London, taking place on 7 October 2026 at the Business Design Centre in Islington, for example, currently advertises a fixed £4,950 + VAT brand package. That includes a fully built brand pod, with its design, production, delivery and assembly handled by the organiser. The package also includes pre-event visibility, a digital platform listing, post-show buyer communications and structured introductions for selected brands.

“We are handling all logistics. It’s brand equal and human first, and we do all of the heavy lifting. We want people to leave our show feeling connected to our beauty community, and we are building something long term with this event. Our support doesn’t end once the show closes, and exhibitors remain on our digital platform, where they will be promoted to our entire sales channel network for three months post-show,” says British entrepreneur Faye Speedie, who launched Beauty Bulb in 2017.  

How much should you budget for your trade show in London?

For a small business exhibiting at a London trade event in 2026, £4,000–£8,000 is a reasonable working budget for a modest professional presence, while larger shows, bigger stands and custom builds can push the cost past £10,000 very quickly.

But don’t start by asking, “How much is the stand?”

Ask what you’re getting for the money.

Does the price include the structure? Furniture? Electricity? Exhibitor passes? Marketing? Setup? Access to buyers? Lead capture? Wi-Fi?

And, most importantly, who is actually going to be in the room? Spending £5,000 to meet 50 genuinely relevant buyers could be considerably better value than spending £2,000 to meet 5,000 people who aren’t interested in buying anything from you.

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HMRC launches operation targeting dodgy barbers and vape shops

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HMRC launches operation targeting dodgy barbers and vape shops
In May the Home Office launched a new High Street Organised Crime Unit with £30 million to reduce tax fraud. | Photo: František Čaník

If you live in London and have noticed vape shops and barbers seemingly multiplying on a high street near you, you are not alone. The UK government department responsible for collecting taxes is stepping up its crackdown on suspected tax fraud and illegal activity on Britain’s high streets, with HMRC aiming to carry out more than 30,000 enforcement interventions in 2026.

Vape shops, nail salons, candy stores, barbers and other high street businesses suspected of breaking tax rules are among those in the spotlight, while members of the public are now being encouraged to also report suspicious activity.

Although not all lost tax revenue is the result of illegal businesses, the amount of tax owed that never reached HMRC is staggering. According to official government figures, the UK’s total tax gap for the 2024–25 tax year was estimated at £59.2 billion — money that HMRC says should theoretically have been collected but was not. Small businesses accounted for 62% of that tax gap, the largest share of any taxpayer group, amounting to roughly £36.7 billion.

Labour exploitation and sale of illicit goods also targeted

The enforcement drive is aimed at disrupting criminal networks involved in tax fraud, labour exploitation and the sale of illicit tobacco and vapes.

This latest push follows the launch of a £30 million High Street Organised Crime Unit in May, bringing HMRC together with Trading Standards, police, the Home Office and the National Crime Agency. HMRC has already demonstrated how the tougher approach could work. In June, officers carried out unannounced visits to six souvenir shops in central London alongside Immigration Enforcement, Trading Standards and Metropolitan Police officers.

Public urged to report suspected tax fraud

HMRC has also upgraded its online tax fraud reporting service, allowing people to provide information anonymously about suspected tax fraud, money laundering and other criminal activity.

“Too many high streets have been blighted by dodgy shops that harm local communities and undercut honest businesses.

“If you see something that doesn’t look right, like suspected tax fraud or money laundering, use HMRC’s fraud reporting service and help protect our high streets,” said Chancellor of the Exchequer John Healey.

People who believe a business may be involved in tax fraud or money laundering are being encouraged to use HMRC’s online Report Tax Fraud service rather than confront businesses themselves.

The system asks users for factual information about what they have witnessed and allows reports to be submitted anonymously.

HMRC says the intelligence will help its teams build a clearer picture of suspected criminal activity and target enforcement action more effectively as the nationwide high street crackdown gathers pace.

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