Britain Announces It’s Going to Sell Sharia-Compliant Bonds
Positioning his country as hub for Islamic finance, British Prime Minister David Cameron announced Tuesday that the UK is preparing to issue bonds compliant with sharia law, the first non-Muslim country to do so.
Besides announcing the launching of an Islamic bond – or “sukuk” – the prime minister announced plans for a new “Islamic Market Index” on the London Stock Exchange during a talk at the World Islamic Economic Forum (WIEF) meeting in London, the BBC reports.
Cameron’s goal is to attract investors from the Muslim world by creating investment vehicles in keeping with their faith. Under sharia rules, no charging of interest on business deals is allowed. Neither is investing in businesses related to gambling or alcohol....
Dr. David P Murray | 11/12/2006
