As widely reported on the web and here on SFW yesterday, the UK has decided to go ahead and issue a sovereign sukuk. In other words, the United Kingdom will issue a government security that complies with a foreign law.

The UK is the first Western nation to do so and British leaders say they are taking this step because they want to make London a world capital for “Islamic” finance and banking (a euphemism for Shariah-compliance).

The Telegraph has published a good article with details as they have been revealed so far…

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10410467/Britain-to-become-first-non-Muslim-country-to-launch-sharia-bond.html

Additionally, here is a short video on another aspect of the story…

UK as Islamic Finance Hub: London Stock Exchange launches world’s first Islamic Market Index

Note that the London Stock Exchange is in on the act, launching a global Islamic Market Index which provides a performance measure of Shariah-compliant stocks.

London will now take its place alongside Tehran, Khartoum, Islamabad, Riyadh, Benghazi and Mogadishu as a great Muslim capital…

 

 

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