Sharia Britain. The take-over is near complete. Sanction of the most extreme and brutal ideology on the face of the earth.
Britain to become first non-Muslim country to launch sharia bond By Harry Wilson, The Telegraph, October 29, 2013David Cameron to unveil £200m Sukuk at the World Islamic Economic Forum in London on Tuesday
Britain is set to become the first non-Muslim country to sell a bond that can be bought by Islamic investors in a bid to encourage massive new investment into the City.
David Cameron will say in a speech on Tuesday at the World Islamic Economic Forum in London that the Treasury is drawing up plans to issue a £200m Sukuk, a form of debt that complies with Islamic financial law.
The new sharia-compliant gilt will enable Britain to become the first non-Muslim country to tap the growing pool of Islamic investments that is forecast to top £1.3 trillion by next year.
The Prime Minister will say that it would be a “mistake” to miss the opportunity to encourage more Islamic investment in the UK and that the City of London should rival Dubai as a centre for sharia-compliant finance.
“When Islamic finance is growing 50pc faster than traditional banking and when global Islamic investments are set to grow to £1.3 trillion by 2014, we want to make sure a big proportion of that new investment is made here in Britain,” Mr Cameron will tell an audience of senior officials from Islamic countries.
Among those at the meeting are Sultan Hassanal Bolkiah of Brunei, King Abdullah of Jordan, Afghan president Hamid Karzai and Prince Salman bin Hamad Al Khalifa, Crown Prince of Bahrain.
The World Islamic Economic Forum has never been held before in a non-Muslim country and highlights the growing role London is playing in the Islamic finance industry.
The London Stock Exchange is preparing to launch an Islamic Market Index to help the managers of sharia-compliant funds identify new investment opportunities.
The UK’s plans to issue its own Sukuk could lead to billions of pounds of British gilts being sold to Islamic investors, enabling the Treasury to diversify away from its traditional sources of funding.
“For years people have been talking about creating an Islamic bond – or Sukuk – outside the Islamic world, but it’s just never quite happened,” Mr Cameron will say. “Changing that is a question of pragmatism and political will. And here in Britain we’ve got both.
To comply with sharia law, Islamic investors are forbidden to receive interest. Sukuks avoid this problem by ensuring the fixed return investors receive on the debt is linked to the profit generated by an underlying asset.