Dubai: A UK sukuk bond in sterling may well be offered "sooner rather than later", according to the Lord Mayor of the City of London. Ian Luder was at the Dubai International Financial Centre with his delegation, and later addressed students in the Executive MBA programme at Cass Business School.
Twenty-two banks in London already offer Islamic finance services, an indication of the growing importance of Sharia financial products for the UK's financial services industry. Luder emphasised though that there must be an agreed world standard for Islamic finance products for the market to meet its potential.
"We are still working towards amending the legislation for the treatment of the repayment on the sukuk of the coupon, so it's in line with the treatment for the interest on a normal coupon," said a delegation member.
For more on this article, please click on the following link: UK working to offer sukuk in sterling: Gulfnews
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