The Bank of England is planning to establish fully compliant borrowing facilities for Islamic banks ; Islamic finance minister Amir Abdullah said this scheme was a " positive step for the global Islamic finance market " as it " has the potential to significantly aid those UK firms who can not engage in interest - bearing activity " . The UK government had announced back in 2013 of its intention to raise London 's profile as a western ' hub ' for Islamic financial transactions and in 2014 become the first non - Muslim country to issue sovereign ' sukuk ' , the Islamic equivalent of passports .
The Bank of England is looking to establish Shari'a compliant borrowing facilities for Islamic banks; Islamic finance expert Amir Ahmad said this move was a "positive step for the UK Islamic finance market" as it "has the potential to significantly aid those UK firms who cannot engage in interest-bearing activity". The UK government had announced back in 2013 of its intention to raise London's profile as a western 'hub' for Islamic financial transactions and in 2014 become the first non-Muslim country to issue sovereign 'sukuk', the Islamic equivalent of bonds.