BREAKING NEWS

Britain aims to be first Western country to issue Islamic bond

British Prime Minister David Cameron made a bid to position London as a leading hub for Islamic finance on Tuesday, announcing plans for Britain to become the first Western country to issue a sovereign sukuk, or Islamic bond.
The planned issue, worth around 200 million pounds ($323 million) and expected next year, would be much smaller than an originally planned sukuk, but would provide a much-needed liquidity management tool for Britain's six Islamic lenders and could encourage local firms to consider issuing sukuk of their own.
Britain's push to promote itself as a leading Islamic finance hub comes as competition heats up with other financial centers in Asia, led by Malaysia, and in the Middle East.
Britain first announced plans for a sovereign sukuk five years ago but that issue never materialized as the country's Debt Management Office decided the structure was too expensive.
Subscribe for our daily newsletter
Subscribe for our daily newsletter

By subscribing I accept the terms of use

Read all Tweets >