BoE proposes ‘amended’ sharia-compliant fund
UK central bank could launch fund as soon as 2018, consultation paper says
The Bank of England (BoE) issued a second consultation today (April 6) on the creation of a sharia-compliant deposit facility, with a view to having a facility up and running by 2018.
From two models proposed in its first consultation, issued last year, the BoE has proposed moving forward with a fund-based model, or wakalah, “with some adjustments”. The fund invests in low-risk, sharia-compliant securities to offer a return on deposits.
“In the original model, it was envisaged that the fund
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