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Showing posts from October 31, 2013

UK aims to become centre for Islamic finance

London, UK - Britain is set to the become the first non-Muslim nation to raise money by issuing a government bond-style "Sukuk" compliant with Sharia law as part of a bid to transform London into a global capital of the Islamic finance industry.David Cameron, the British prime minister, unveiled the scheme along with plans to launch an Islamic market index at the London Stock Exchange as the British capital this week played host to the World Islamic Economic Forum (WIEF), an annual gathering of political leaders, chief executives and delegations from across the Muslim world."Already London is the biggest centre of Islamic finance outside the Islamic world, but today our ambition is to go further still," Cameron told the event. "I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world."Established in Malaysia in 2006, the WIEF aims to embed Sharia principles at the heart of financial an…