|There have been years of unheeded clamour for the UK government to show its support for Islamic finance and issue a sovereign sukuk. But now the industry needs to change its tune — and bring some new ideas to the table.
A large section of Islamic market participants continue to hold up the possibility of a UK sovereign sukuk as a talismanic prize that will cement London’s pride of place as a western hub for Islamic finance. The topic is revisited every year, with much parade, and yet the government’s understanding of why it is in its interests to do this grows ever dimmer. Either the case is not being made well enough by those being consulted, or the government’s stock answer that gilts are much cheaper is a way of putting its fingers in its ears to the discussion...............................................Full Article: Source