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Chancellor Osborne to launch first Sharia bond
by James Phillipps on Oct 29, 2013 at 07:57
Britain is aiming to become the first non-Muslim hub for Islamic investors with the launch of a government-backed Shariah compliant bond.
The government hopes the £200 million Sharia-compliant bond or sukuk will enable the City to grab a major slice of the Sharia investment market which is estimated to be worth more than $1 trillion globally.
The move will be announced today at the World Islamic Economic Forum in London today, the first time the event has been held in a non-Muslim country.
Writing in the Financial Times, chancellor George Osborne said: ‘While others in the western world resist change, this government is embracing it: banging the drum for British businesses, seeking out new markets, welcoming overseas investment with open arms.’
Sukuks are structured so as not to pay interest but offer investors a share of the underlying returns.
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