Cameron Unveils Islamic Bond

Prime Minister David Cameron has announced that the UK will become the first non-Muslim country to issue an Islamic bond.

He told the World Islamic Economic Forum (WIEF) in London, "Britain is a country ready to welcome your investment, a country that values your friendship, and will never exclude anyone because of their race, their religion, their colour or their creed."

Under Islamic rules, no interest can be charged; transactions must be based on a real trade; and they must not involve gambling or alcohol.

Cameron Unveils £200m Islamic Bond Plan

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

UK to Be First Non-Muslim Country to Host Islamic Economic Forum

THE DAILY TELEGRAPH: London will host the ninth World Islamic Economic Forum in October, the first time that the event will be held outside of a Muslim country, as the British capital looks to become a global hub for Sharia finance.

More than 1,500 delegates, including government and business leaders, as well as scholars, will descend on London for the three-day event, which sets out to boost trade partnerships between Islamic and European markets.

"Hosting this prestigious conference... presents huge opportunities to promote London as a world beating business hub, highlighting our status as a major centre of Islamic finance and as a compelling destination for foreign investors," Mayor of London Boris Johnson said in comments posted on the event's website.

Britain has the largest Islamic banking sector outside the Middle East and Asia, the website said. Read on and comment » | Edited by Andrew Trotman | Thursday, July 04, 2013

New Dark Age Alert! Shariah Bankers: West Ready for Faith-based Alternative
THE WASHINGTON POST: SINGAPORE | Backers of Shariah-compliant finance see an opportunity for expansion amid the global economic downturn, and some Western banks are welcoming this growing source of new business.

"Islamic bankers should do some missionary work in the Western world to promote the concept of Shariah banking, for which many in the West are more than ready now," Indonesian President Susilo Bambang Yudhoyono said at the World Islamic Economic Forum last month in Jakarta.

Such statements have given rise to fears that Shariah finance is a stalking horse for hidden political or religious aims. Shariah finance is an extension of Islamic law, pushing a faith-based alternative to Western banking.

Key Islamists who advise Shariah financial houses have called for full Shariah law to be adopted in Western countries and, in some cases, have made statements supporting terrorist groups.

Shariah finance means institutions and norms that fit with Islamic law. Fully compliant Islamic financial institutions are prohibited from interest payments and require transactions to be backed by tangible assets.

Speculation and hedge funds are off limits — ditto for anything connected to porn, gambling, alcohol or pork. Shariah finance targets Muslims who want to avoid what are deemed "un-Islamic" Western banks or financial practices, and appeals to clients' faith as well as their bottom line. >>> By Simon Roughneen | Monday, April 13, 2009

Uganda: Country to Host World Islamic Economic Forum
ALLAFRICA.COM: Kampala — UGANDA National Chamber of Commerce and Industry (UNCCI) in partnership with the Uganda Government are to host World Islamic Economic Forum (WIEF) in September.

WIEF has established itself globally as a key business platform that has brought together eminent government and business leaders to share current trends and successful strategies in building and maximising businesses. >>> James Odomel | Wednesday, March 18, 2009

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