David Cameron to unveil £200m Sukuk at the World Islamic Economic Forum in London on Tuesday
Harry Wilson
The Telegraph [UK]
29 Oct 2013
Britain is set to become the first non-Muslim country to sell a bond that can be bought by Islamic investors in a bid to encourage massive new investment into the City.
David Cameron will say in a speech on Tuesday at the World Islamic Economic Forum in London that the Treasury is drawing up plans to issue a £200m Sukuk, a form of debt that complies with Islamic financial law.
The new sharia-compliant gilt will enable Britain to become the first non-Muslim country to tap the growing pool of Islamic investments that is forecast to top £1.3 trillion by next year.
The Prime Minister will say that it would be a “mistake” to miss the opportunity to encourage more Islamic investment in the UK and that the City of London should rival Dubai as a centre for sharia-compliant finance.
“When Islamic finance is growing 50pc faster than traditional banking and when global Islamic investments are set to grow to £1.3 trillion by 2014, we want to make sure a big proportion of that new investment is made here in Britain,” Mr Cameron will tell an audience of senior officials from Islamic countries…
…Sharia-compliant funds have already been used to fund some of the capital’s largest developments, including the Shard and the Olympic Village…
The complete article is at The Telegraph.
Also at the site, London’s astonishing boom can lift the whole of Britain
Update: Mark Steyn: There’s a Sukuk Born Every Minute
…how “non-Muslim” is Her Britannic Majesty’s Government anyway?…
H/T Weasel Zippers
