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Britain plans novel sukuk; Brexit may boost Islamic finance

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Britain plans to reissue Islamic bonds inward 2019, a authorities official told Reuters, inward a sign the country’s larn out from the European Union may accelerate plans to prepare an Islamic finance industry.

In 2014, Britain became the commencement Western dry reason to trial an Islamic bond or sukuk, raising £200mn ($268mn) from a five-year bargain that was 10 times oversubscribed. 

British authorities officials said at the fourth dimension this was a one-off transaction rather than business office of a regular programme.

But a Treasury spokesperson said the UK of Britain together with Northern Republic of Ireland authorities immediately planned to reissue the bonds when they mature inward 2019.

“The UK of Britain together with Northern Republic of Ireland is the leading Western centre for Islamic finance together with the authorities is committed to ensuring the futurity success of the sector,” the Treasury spokesperson said.

Brexit could threaten London’s authorization equally a fiscal centre past times potentially making it to a greater extent than hard for London-based companies to sell products across the EU.

A Reuters survey showed around 10,000 finance jobs may shift out of Britain or hold out created overseas inward the side past times side few years because of Brexit, alongside Frankfurt together with Paris benefiting most.

Bilal Khan, co-chairman together with partner at London-based Islamic finance consultancy Dome Advisory, said developing Islamic finance was 1 agency to counteract this, past times strengthening London’s ties alongside Southeast Asia together with the Gulf, the world’s 2 function past times centres for Islamic banking.

Islamic finance follows religious principles such equally bans on gambling together with outright speculation, alongside interest-bearing products deemed off-limits.

There are to a greater extent than than xx firms inward Britain that offering Shariah-compliant fiscal products, the nearly of whatever other Western country.

This includes v Islamic banks: Gatehouse Bank, Qatari-owned Al Rayan Bank, Bank of London together with the Middle East , Abu Dhabi Islamic Bank together with a unit of measurement of Qatar Islamic Bank.

Issuance of sukuk globally stands at around $342 billion. On the London Stock Exchange at that topographic point are 65 sukuk listed totalling $48 billion, making it a major listing centre. 
Reuters

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