Hedge Funds Review Magazine,
<http://www.hedgefun dsreview. com/public/ showPage. html?page= 830986> UK
December 12 2008

The UK government has launched a consultation on Islamic finance. The
government hopes the joint Treasury-Financial Services Authority
consultation on proposals for a legal framework for the regulation of
alternative finance investment bonds, including sukuk, will support the
growth of Islamic finance in the UK and to increase its position as a
leading global centre in this market.
As well as the consultation, the government also published a paper, “The
development of Islamic finance in the UK”. The idea is to raise awareness of
the growing role of Islamic finance in the UK by providing a stock take of
achievements to date and examining the remaining barriers to growth.
The consultation on the regulation of alternative finance investment bonds
(sukuk or Islamic bond) sets out the proposed legislative framework for the
regulatory treatment of these vehicles. AFIBs refers to sukuk as well as any
financial instrument with similar characteristics.
Classifying Islamic financial instruments, including sukuk, under existing
regulations has (…)


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