| From Kippreport.com: The UK, as the Bank of England and the erstwhile Financial Services Authority (FSA) will confirm, does not authorise Shariah-compliant or Islamic banks, for neither the words ‘Shariah-compliant’ nor ‘Islamic’ appear in the UK Banking Act. In fact they could only appear through the passing of primary legislation.
The five so-called Islamic banks in the UK – IBB, European Islamic Investment Bank (EIIB), Bank of London & the Middle East (BLME), European Finance House (EFH) and Gatehouse Bank – are all authorised under the above Act, but their internal operations are conducted under Islamic banking principles and satisfy the provisions of the Act..............................................Full Article: Source
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