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Diversified growth reinforces the UK’s Islamic finance ecosystem

The UK-based Islamic finance sector consists mostly of niche wealth managers and retail banks, but has recently benefited from a diversifying influx of FinTechs and other innovative service providers across retail and wholesale markets. UK based Islamic banks are taking steps to establish Shari'ah-compliant pension schemes and investment funds to cater to the UK’s Muslim population, increasing financial inclusion. Regulatory changes a decade ago have facilitated the issuance of sukuks (Islamic bonds)in the UK, and more recently the Bank of....

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