British government says it favors stepping into Islamic finance
Britain’s treasury announced Monday that it favored wading into the world of Islamic finance, saying it wanted to eventually raise some 2 billion pounds (US$4 million; €2.6 million) through Shariah-compliant bonds.
But it warned that some obstacles would still have to be overcome before the government made a final decision on the matter.
The British government has been looking for ways to tap into the market for Islamic finance, whose rapid expansion has been driven by soaring energy revenues in the Persian Gulf and Muslims’ preference for the growing range investment products allowed under the Shariah, an Islamic code of law drawn from the Quran and other sources. (…)