UK Parliament to vote on sukuks

The UK Treasury is moving to open the way for Islamic sukuk bonds to be issued in the UK this year. Under legislation submitted to Parliament today, sukuk would effectively be treated similarly to conventional bonds.

Under current UK law, sukuk are treated as collective investment schemes, a category that also includes unit trusts. The additional regulation and supervision this involves has discouraged corporate issuance of sukuk, but under the order put before Parliament this week, sukuk and ot

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