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U.K. Islamic Bond Back on Agenda as London Seeks Shariah Market
by Maria Levitov
The U.K. government is considering reviving plans to sell Islamic bonds as part of an initiative to boost Britain's role as a center for Shariah-compliant financing.
Treasury Minister Greg Clark and Sayeeda Warsi, a minister in the foreign office, are leading a working group to raise the profile of the Islamic finance industry, the Treasury said in an e-mailed statement today. Among items discussed at today's inaugural meeting was the sale of Islamic bonds, said Shabir Randeree, chairman of DCD London & Mutual Plc in London and a member of the taskforce.
"What we will be looking at is whether a sovereign sukuk or an infrastructure type of instrument will be more appropriate," Randeree said in a telephone interview from London.
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