The UK Financial Services Authority has published a paper setting out its role in the development of the UK as the major European financial centre for Islamic financial products and services. Worldwide, Islamic finance has grown in recent years at a conservative estimate of 10-15 per cent per annum and is worth about £250 billion ($520 billion) globally. The paper sets out how regulation has been an important factor for the growth of Islamic financial products and services in the UK. It also identifies some of the challenges and opportunities specific to Islamic finance. The FSA claims to have encouraged this growth by providing an open and flexible regulatory environment; it was the first European regulator to authorise a wholly Islamic bank. Other Islamic financial institutions have since been authorised. The paper also sets out how the FSA has dealt with particular issues related to Islamic finance within its existing regulatory framework. For example, retail consumers taking out ijara mortgages (a type of Islamic home purchase plan) now get the same protection as conventional mortgage customers since the introduction of new regulations in April 2007. There are also a number of international banks which offer Islamic products at their UK branches. Furthermore, several Islamic securities (sukuk) are now listed in London. FSA chairman Callum McCarthy said: "There is huge potential for an expansion of Islamic offerings in the UK's financial markets, which will in turn boost London's position as an international financial centre. We believe in a “no obstacles, no special favours” approach when authorising new financial institutions and welcome the development of this market as it provides certain UK consumers with financial products that are in line with their beliefs." The FSA does not regulate the Shariah compliance of Islamic financial products.