UK considers issuing Islamic bonds

Feasibility study will assess bid to bolster London's role in Islamic finance.

    Ed Balls, a UK finance minister, argues there are great potential advantages for the UK from the bonds [AP]

    'Potential advantages'

    According to excerpts of his speech seen by Reuters, Balls will say: "The measures this government has taken make it possible for issuers to seriously consider the merits of issuing Islamic finance instruments.

    "I believe there are great potential advantages for the UK government issuing sharia-compliant government debt.

    "The feasibility study will also be assessing the opportunity for issuing such instruments, taking into account the government's debt management objectives."

    The announcement follows measures introduced in this year's budget enabling Islamic bonds, or sukuk, to be issued, held and traded in the same way as corporate bonds.

    The government-backed national savings and investments agency has also been asked to look into making such products available to the public.

    The results of the study will be published in autumn.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Israel’s settlements: 50 years of land theft explained

    Israel’s settlements: 50 years of land theft explained

    On the anniversary of UN Resolution 242, Al Jazeera explores the illegal Israeli settlement enterprise.

    Robert Mugabe: Portrait of a presidency

    Robert Mugabe: Portrait of a presidency

    Some key moments in the life of the man who led his country from independence in 1980 until November 21, 2017.

    When is Thanksgiving Day and why is it celebrated?

    When is Thanksgiving Day and why is it celebrated?

    In the US, Thanksgiving Day will be celebrated on Thursday, November 23.