The Treasury has just sold £200 million worth of Islamic government bonds, known as “sukuk”, in a bid to make Britain a global hub for Islamic finance, with it now the first country outside the Islamic world to issue bonds.
This is all part of the coalition’s mission, as Prime Minister David Cameron revealed last year, to make London the “capital for Islamic finance”, after launching an Islamic index on the London Stock Exchange.
“I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world,” he added.
Islamic finance is open to everyone, not just Muslims. The Islamic Bank of Britain enjoyed a 55% increase in applications for its savings accounts by non-Muslims in recent years.
No idea what this is all about though? HuffPost UK explains the six key things you need to know about Islamic finance.
1Payday lenders would hate Islamic finance
2Islamic banking has been in Britain for over 30 years
3Islamic banking has its own ethics
4We’re already advising on Islamic finance
5Islamic finance has helped bring some London icons
6Islamic banking is going to be MASSIVE
Source: Huff Post
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