Lord Greaves – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Greaves on 2016-03-02.

To ask Her Majesty’s Government whether Parliament will be involved in the scrutiny of any proposals for changes to systems of Islamic finance in the UK following the outcome of the Bank of England’s consultation.

Lord O’Neill of Gatley

The Bank of England will decide whether or not to establish a Shari’ah compliant liquidity facility in light of feedback to its consultation from the market and other relevant stakeholders. None of the proposals in the consultation are expected to require a change to primary legislation. Once the Bank of England has concluded, the Government will consider whether there is a need for Parliament to review legislation in relation to Islamic Finance in the UK more widely.