London’s property market is set to see a wave of fresh investment from Malaysia, said Prime Minister Nijab Razak.

Malaysian pension fund EPF, which holds a 20% stake in Battersea Power Station, in particular is ‘flush with cash and looking to invest in London’ he said, speaking at a launch event at City Hall for the World Islamic Economic Forum (WIEF), which is to be held in London in October.

‘You will see Malaysia being a major player in London real estate development in the coming years’ said Razak.

Mayor Boris Johnson said that London has already emerged as a global hub for Shariah-compliant financial services, hosting 22 Islamic banks and at least 30 law firms with substantial Islamic finance capabilities. He pointed to the success of the Shard, which was developed with Shariah-compliant finance, as a sign of the deepening relationship between investors from the Muslim world and London.

This will be the first year that WIEF, an event bringing together politicians, business leaders and academics with an interest in Shariah-compliant business and finance, will be held in a non-Muslim country.