Central Banking

BoE proposes ‘amended’ sharia-compliant fund

Bank of England night Getty 174788162
The Bank of England

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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