##i, and takaful uk ltd respectively. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice table 2 : islamic finance in the uk – selected timeline 1970's london market brokers offer wholesale liquidity management using commodities swiss - based dar al mal al islami opens london office offering investment management services establishment of first islamic bank, albaraka bank ( ceased 1993 ) establishment of first uk islamic insurance ( takaful ) company, takaful uk ltd islamic mortgages offered in the uk by united bank of kuwait ( now ahli united bank ) hsbc amanah launches islamic mortgages and bank accounts in the uk authorisation of al rayan bank plc ( formerly islamic bank of britain ) court case of beximco vs. shamil bank of bahrain establishes principle that secular authorities cannot opine on shari'ah compliance bank abc offers islamic mortgages under al buraq brand children's mutual launches shari'ah compliant child trust fund lloyds tsb offers shari'ah compliant current account authorisation of european islamic investment bank plc ( ceased in 2018 ) first sukuk listed on the london stock exchange ( tabreed, $ 200m ) authorisation of bank of london and the middle east plc authorisation of investment firm amiri capital ( ceased 2018 ) fsa outlines regulatory approach to islamic finance in : " islamic finance in the uk : regulation and challenges " authorisation of qib ( uk ) ltd ( formerly european finance house ) authorisation of gatehouse bank plc authorisation of british islamic insurance holdings / principle insurance ( ceased 2013 ) consultation paper cp08 / 22 establishes liquid asset buffer requirement for all uk banks authorisation of adib ( uk ) ltd ( ceased 2020 ) hsbc amanah exits uk market authorisation of cobalt underwriting london hosts the world islamic economic forum, the first time outside the muslim world uk government issues its first sovereign sukuk authorisation of investment firm arabesque asset management tam asset management launches shari'ah compliant investment funds islamic insurance association of london established bank of england commences shari'ah compliant facilities ( scf ) project authorisation of shari'ah compliant crowd funding firm yielders columbia threadneedle investments launches shari'ah compliant global equity fund authorisation of shari'ah compliant home finance firm strideup homes al rayan bank issues first sterling denominated residential mortgage backed su

in order to contain the potential volatility in short term interest rates. dear guests, the central bank of turkey is aware of the significance of foreign exchange liquidity in the banking system and progressively puts into effect necessary measures in order to get through this period with minimal damage. accordingly, the central bank resumed its activities as an intermediary in foreign exchange and banknotes markets as of 9 october 2008 and later raised transaction limits in the foreign exchange and banknotes markets to usd 10. 8 billion. along with the above mentioned measures, in order to ensure orderly liquidity flow in the financial system and efficient functioning of credit markets by stimulating an increased foreign exchange liquidity flow in the interbank foreign exchange market, effective as of today the central bank has decided : a ) to extend the maturity of the fx deposit borrowed by the banks within the predetermined borrowing limits from one week to one month, b ) to reduce the lending rate from 10 percent to 7 percent for usd and 9 percent for euro in the said market. in this challenging environment the way developing countries use their foreign currency reserves is of utmost importance. the central bank of turkey, if deemed necessary, will continue to take additional measures prudently within its means in order to ensure the smooth functioning of the fx market and to support fx liquidity. dear guests, i would like to conclude my speech by giving some information about this conference organized with the aim of discussing the effects of globalization on monetary policy and inflation. the first session today will examine the linkages between globalization, monetary policy and financial stability. in the afternoon, second and third sessions will analyze the impact of globalization on inflation and business cycles. sessions on saturday will be more policy oriented. in the morning session, speakers will look at the topic of globalization and monetary policy challenges faced by emerging market economies. then we will conclude with a panel on the recent global financial turmoil and its policy implications. once again i extend my warm welcome to all participants. i also want to thank the distinguished participants for their valuable contributions. i hope you enjoy both the conference and your stay in istanbul. thank you.