George Osborne, the chancellor, has unveiled plans for Britain to issue the first Islamic bond outside the Muslim world, as he seeks to turn the City of London into the “unrivalled western centre for Islamic finance”.
Mr Osborne hopes the ￡200m bond or “sukuk” will act as a catalyst for the City to become a leading player in the sharia-compliant finance industry, which is worth $1tn globally.
It is the latest sign of policy makers drawing a line under the financial crash and creating the conditions for the City to win new types of business. The chancellor this month told a Chinese audience that it was his “personal mission” to make London a home to Chinese banks and a global hub for offshore trading in renminbi.
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