Treasury to promote London as Islamic finance centre

Economics minister Ed
has made a speech at
Euromoney Islamic Finance
summit aimed at promoting London as a centre for Islamic finance and trading.

Among initiatives to achieve this, Balls said the government plans to
harmonise tax treatment of some
financial instruments
with conventional financial products by the summer
legislative recess.

‘Today, I am able to set out the next stage in our reforms to ensure the tax
and regulatory system will encourage the development of sharia compliant
products,’ Balls said.

The legislative summer recess typically starts in June or July.

It is estimated that the sukuk market is worth over £20.4bn and is now
starting to attract non-Muslim investors.

Further reading

Islamic Bank of Britain FD resigns

Profile: Atif Raza, FD of the European Islamic Investment

Treasury hopes to make UK ‘gateway to Islamic trade’

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