In an effort to attract a booming class of wealthy Muslim investors, Britain will be the first non-Islamic country to issue sovereign Islamic bonds, Prime Minister David Cameron has announced on Tuesday.
The bonds will be structured in compliance with Islamic Sharia religious law, which prohibits collecting and paying interest on loans.
"I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world," Cameron said
The decision comes on the heels of the governments decision to ease regulations for Chinese banks to set up offices in London, as well as allow direct currency exchanges between London and Beijing-
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The bonds will be structured in compliance with Islamic Sharia religious law, which prohibits collecting and paying interest on loans.
"I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world," Cameron said
The decision comes on the heels of the governments decision to ease regulations for Chinese banks to set up offices in London, as well as allow direct currency exchanges between London and Beijing-
Sent from my BlackBerry 9700 using JamiiForums
