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identifier	210980
min question first answered	2014-10-23T13:03:27.1703618Z
max question first answered	2014-10-23T15:06:09.3638452Z
max answer › question first answered	2014-10-29T15:37:50.2719664Z

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99712

human indexable

published

registered interest

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21/10/2014

date

17/10/2014

date tabled

17/10/2014

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17/10/2014 16:40:14

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08/02/2015 02:31:35

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HM Treasury

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Treasury

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Financial Services: Islam

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210980

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25259

	pref label	House of Commons

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question first answered

23/10/2014 13:56:47

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To ask Mr Chancellor of the Exchequer, what plans he has to extend Sharia financing within the UK banking system.

session

2014/15

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tabling member constituency

The Wrekin

tabling member printed

Mark Pritchard

title

House of Commons Tabled Parliamentary Question 2014/15 210980

type

WrittenParliamentaryQuestion

uin

210980

version

written parliamentary question type

Ordinary

answer

is ministerial correction

answer text

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. 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.

question first answered

23/10/2014 13:56:47

creator

1576

	label	Biography information for Mark Pritchard

publisher

25259

	pref label	House of Commons

tabling member

1576

	label	Biography information for Mark Pritchard