Britain Plans to Issue Shariah-Compliant Bonds Amid Debate over Islamic Law

February 17, 2008

Author: Staff Writer

Source: MyTelus/The Canadian Press

Wire Service: AP

Britain's Treasury is likely to back plans to issue Shariah law-compliant bonds, officials said Sunday - amid continuing debate about the application of Islamic laws in the country.

Treasury Secretary Alistair Darling, who will present his annual budget March 12, plans to issue the Islamic bonds, known as sukuk, to tap into a fast-growing market in the products.

"We want the City of London to be one of the gateways globally for Islamic financial products," a Treasury spokesman said, on customary condition of anonymity in line with policy.