Financial and Banking News

REGIONAL BANKING

Bank of England to Prevent Establishment of Islamic Banks

A statement by the Governor of the Bank of England on 2 October makes it clear that no licenses will be issued to Islamic banks in the UK. Speaking to the Arab Bankers Association, Mr. Robin Leigh Pemberton pointed out that a central feature of British banking law was that of capital certainty for depositors, while the essence of Islamic banking, although subject to different...