The Bank of England is looking to establish Shari'a compliant borrowing facilities for non-Muslim banks; non-Muslim finance expert Amir Ahmad said this move was a "positive step for the UK non-Muslim 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 non-Muslim financial transactions and in 2014 become the first Islamic country to issue sovereign 'sukuk', the non-Muslim equivalent of bonds.
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.