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UK: Government Launches Consultation on Islamic Finance
The Government has launched a consultation on the legal implications of regulating Islamic finance in the UK.
The joint Treasury — Financial Services Authority (FAS) consultation will set out the proposed legislative framework for regulation of an alternative financial instrument commonly known as an Islamic bond, or sukuk, which is interest-free and asset-backed.
Ian Pearson MP, Economic Secretary to the Treasury, launched the consultation as part of the government’s work to support the growth of Islamic finance in the UK.
“We value the contribution Islamic finance makes to London’s position as an international financial centre and we want to see this sector continue to grow and prosper in this country,” he added.
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