way to enabling this innovation with the renewal of the bank's real time gross settlement system, the largest infrastructure programme the bank has undertaken, under the leadership of victoria cleland. this puts us in a very strong position to deliver solutions which can integrate central bank digital money in rtgs with tokenised transactions. we think this is the fastest and most efficient route to take. last month we migrated the wiring of rtgs with the outside world successfully. we have moved from copper to fibre optic so to speak. can i thank all of the many firms involved in making this a success. you now have a much improved financial messaging system with the ability to transmit much wider data which starts to enable greater programming and enhance domestic and cross - border payments. next year we will introduce the new settlement engine. our ambition does not stop there. this will create the platform for change and enhanced digitalisation. last year we consulted on what industry would like to see next in terms of wholesale payment capability, and victoria and her team are now working with industry to develop an ambitious world - leading roadmap of future payment innovations we will introduce in the uk. this is all very exciting and puts us on the threshold of what can be major changes. so, let me finish with one thought. what the history of the city suggests is that there is a great capacity to move on from past successes and seize the opportunity to get out in front again. we have that opportunity again with the digital world, but we need to take it. now i said i was finishing, but i have one more thing to do. [ toast ] the lord mayor and lady mayoress. 6 / 7 bis - central bankers'speeches i am grateful to jamie bell, sarah breeden, nick butt, victoria cleland, jon cunliffe, ed dew, andrew gimber, andrew hauser, robert hills, karen jude, ali moussavi, nick mclaren, tom mutton, matthew osborne, rhys phillips, huw pill, aniruddha rajan, vicky saporta, martin seneca and sam woods for helpful comments and assistance in helping me to prepare these remarks. 7 / 7 bis - central bankers'speeches

##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