Tuesday, 29 October 2013

Islamic Investment: David Cameron Moves to Make London a Mecca for Middle East Wealth


The Shard, the tallest building in Europe
THE INDEPENDENT: Moves to turn London into a leading centre of Islamic finance will be announced by David Cameron today amid soaring Middle East investment in Britain and around the world.

The Prime Minister will signal his determination to tap into the rapidly growing global market for Islamic investments, which are forecast to reach £1.3 trillion next year as oil-rich states fund major building projects.

He will set out plans to establish a new Islamic index on the London Stock Exchange, which will help investors comply with Islamic finance principles, such as bans on investing in alcohol, tobacco and gambling. He will also detail proposals for Britain to become the first country outside the Muslim world to issue its own Islamic bonds, known as sukuk. » | Nigel Morris | Tuesday, October 29, 2013