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

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.