6 June 2008
Sukuk Can Attract Billions of Pounds into the UK Economy, MCB Welcomes UK Government's Continuing Support for Issuing a Sukuk
The Muslim Council of Britain welcomes the UK Government's latest initiative to solidify London's reputation as the Western hub for Islamic finance, thereby attracting billions of pounds into the UK economy.
Following the recent announcement by the Economic Secretary to the Treasury and City Minister Kitty Ussher of the Government's response to the consultation on a sterling sukuk issuance, the MCB continues to make available its resources to support the Government's work on Islamic finance.
The Business & Economics Committee of the MCB has responded to all consultations by the UK Government on the proposed sukuk issuance, drawing upon its members who include market-leading professionals - some of whom are also members of the HM Treasury Islamic Finance Experts Group and the HMRC Islamic Finance Technical Committee.
Welcoming the recent announcement, Dr Muhammad Abdul Bari , Secretary General of the MCB, stated that "the process of consultation and robust analysis by HM Treasury show that the UK Government wishes to create a sukuk that has the potential to become a market-standard, rather than merely rushing to be the first to market. The careful analysis and transparent wide consultation by HM Treasury is a beacon for an industry which some fear is running before it can walk".
"However, just as the process of consultation by HM Treasury has been transparent and commendable, any resulting sukuk must be equally transparent. Muslims are rightly concerned that the proceeds of any sukuk issuance must not be used to fund activities that are not Shariah compliant. That would be contrary to industry standards and would undermine the valuable hard work undertaken the Government to date" he added.
Note for Editor:
1. The Muslim Council of Britain is the UK's largest Muslim umbrella body with over 500 affiliated national, regional and local organisations, mosques, charities and schools.
2. The Business & Economics Committee of the MCB (the BEC) organised the seminar Islamic Finance and Trade Conference in 2006 where the Rt. Hon. Gordon Brown MP (then as Chancellor of the Exchequer) announced his intention to make the UK "the gateway for Islamic Finance and Trade.� The Committee recently led a delegation of over 35 professionals to the 4th World Islamic Economic Forum in Kuwait to promote the achievements and know-how of Britain in the field of Islamic finance and governance for the social and economic development of Muslim countries.
3. Media enquiries should be emailed to firstname.lastname@example.org and any other enquiries should be emailed to email@example.com
4. This press release and other MCB publications are available on the MCB website at www.mcb.org.uk
The Muslim Council of Britain
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