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<p>There are currently no plans to extend shari'ah compliant financing into the UK
banking system, but the Government will continue to work with the financial services
industry to broaden the range of shari'ah compliant products and services available
in the UK, and encourage the industry to play its part. The Government welcomes, for
example, the recent creation of an Islamic Account by Lloyds Bank. This account allows
customers who cannot receive credit or debit interest due to their religious beliefs
to hold a bank account in the UK and is available to all UK citizens regardless of
background or faith.</p><p> </p><p>Furthermore, The Bank of England has recently announced
that it will be commencing work to assess the feasibility of establishing a shari'ah
compliant facility next year, which the Government welcomes. Any such facility will
help Islamic banks in the UK to better meet their obligations under the liquidity
rules, bringing Islamic finance further into the mainstream.</p>
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