The British Prime Minister David Cameron wants London to ‘stand alongside Dubai’ as an Islamic finance hub, and is today expected to launch two initiatives to tap into the burgeoning sector.
An Islamic Market Index is set to be launched on the London Stock Exchange, while Britain is to become the first country outside the Muslim world to launch a sukuk, or Islamic bond, AFP reported.
“I don’t just want London to be a great capital of Islamic finance in the Western world,” Cameron is due to say today, according to the Associated Press. “I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the World.”
London is already the “biggest center for Islamic finance outside the Islamic world”, according to a release of a speech Cameron is due to deliver today.
The proposed Islamic Market Index would track Shariah-compliant investments, while the UK Treasury is working on the issuance of a sukuk worth around £200 million ($322 million), AFP reported.
Cameron’s announcements are expected to be delivered at the World Islamic Economic Forum, which starts today in London. It is the first time the forum is being held outside a Muslim country.
Dubai this month unveiled plans become the capital of the global Islamic economy, with a focus on financial services, food products, education and tourism.
Dubai aims to become capital of global Islamic economyDubai unveiled plans on Saturday become the capital of the global Islamic economy. It plans to focus on financial services, food products, education ... Economy
Malaysia and UAE tie up to boost economic ties, Islamic financeThe central banks of Malaysia and the United Arab Emirates signed a pact on Friday to foster closer economic ties between the two countries, including ... Economy
Islamic finance lobby plans regional networkA Bahrain-based association which lobbies on behalf of Islamic finance says it plans to expand beyond the Gulf, so that it can shape rules and ... Banking & Finance