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UK FCA approves 1st Islamic fintech firm

Islamic financial technology firm Yielders gained full authorization from the U.K.'s Financial Conduct Authority in April, the first such firm to do so, Reuters reported.

The firm, which gives retail investors exposure to the property market, has also received Shariah certification from the U.K. Islamic Finance Council.

Britain is attempting to position itself as a center for Islamic finance and financial technology, with the Bank of England launching a consultation on the feasibility of starting a Shariah-compliant deposit facility using a fund-based model, to broaden liquidity provisions.

"They [the U.K. government] believe that outside the Middle East, the U.K. is the capital of fintech for Islamic finance," the firm's founding director Irfan Khan told Reuters.

"There's certainly movement in the U.K. to try to promote Islamic fintech, and for fintech firms in the U.K. to show the route forward for a lot of the Middle Eastern market."