Ethnic minority businesses contribute significantly to the UK economy, generating billions in annual revenue and employing millions of people. More importantly, these businesses act as a bridge to international markets, fostering trade relationships and cultural exchange.

Supporting ethnic businesses is not just a matter of social equity but also an economic imperative. They drive innovation, create jobs, and enhance the overall competitiveness of the economy.

Yet, the lack of support for Muslim businesses in Wales, coupled with the absence of Sharia-compliant finance options, highlights a glaring gap in the entrepreneurial ecosystem.

When I investigated access to finance for SMEs for the Welsh Government twelve years ago, one of the issues raised was whether we could develop funding solutions that aligned with Sharia law, which prohibits the charging or payment of interest (riba).

This poses unique challenges for Muslim entrepreneurs in Wales, as most available funding options are interest-bearing loans, conflicting with these principles. As a result, the absence of Sharia-compliant finance limits their ability to secure funding, stifling business ambitions and excluding them from full participation in the economy.

One would have expected the Development Bank of Wales to address this issue when it was established, but that has not happened. To be........

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