Liberal monk's wool supplier (5)
I believe the answer is:
llama
'wool supplier' is the definition.
(I've seen this before)
'liberal monk's' is the wordplay.
'liberal' becomes 'l' (abbreviation).
'monk' becomes 'lama' (I've seen this in another clue).
'l'+'lama'='LLAMA'
(Other definitions for llama that I've seen before include "Alpaca-like animal" , "one that ruminates" , "Fleecy mammal" , "Even-toed camel relative" , "South American animal of the camel family" .)