The establishment of the Bank of England Alternative Liquidity Fund is a further positive step to level the playing for Islamic banks in the UK. It helps to assert the UK's position as the centre for Islamic Finance in the western hemisphere. With the looming uncertainty of Brexit, the Bank of England has taken an important step to strengthen the UK's position as a leading international financial centre. The UK is already home to five fully Sharia-compliant banks and this undertaking to provide Sharia-compliant liquidity facilities ensures that these banks and any future Islamic banks can operate in the UK on a more solid footing.
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