UK Money News
21st November 2007
Islamic bonds 'would increase potential for more products'
Should wholesale Islamic bonds become established as a means of investment in the UK, then other types of Islamic help with money could also settle in the market.
The prediction has been made by governmental personal finance commentator the UK Debt Management Office.
An executive agency of HM Revenue and Customs, the office has stated that 'sukuk', or asset-based bonds rather than those accruing interest, would allow Islamic savings accounts to be established onshore in Britain.
A spokesperson for the office states: "The provision of a government sukuk could provide a Sharia-compliant asset to allow an Islamic retail institution to develop, for example, an Islamic savings product which pays a Sharia-compliant return."
However, he added that new products would remain a commercial decision to be made by companies providing such help with money.
The finance news follows the publication of a consultation document in recent days seeking views on the pros and cons of sukuk issuance.
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