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It believes that Islamic banks are one of the few financial institutions who still have significant sums of money available to finance individuals and corporate companies, compared with Western counterparts which continue to restrict lending.

Dan Taylor, head of banking at BDO Stoy Hayward, said: "As the risk profile of Islamic Banks is generally lower than conventional western banks, this presents a more solid option for both retail and institutional investors and suggests that dealings with Islamic financial institutions will grow dramatically as people switch to more secure products in this environment."

"Further growth of Islamic banking in the UK will also be attributed to their more conservative approach to financing, as the risks are shared with the investor, much like the private equity model.

"It is more difficult for Islamic financial institutions to use leverage; therefore their risk profile is naturally lower," added Taylor.

Taylor believes that as a result of the market turmoil, the number of stand alone Islamic financial institutions in the UK could double over the next three years.

Currently around 20 major global banks operating in the UK have set up units to provide Islamic Financial Services, according to a UK government report on trade and investment.