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Uk Government Guarantees Its First Islamic Bond For Emirates

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11504180/UK-government-guarantees-its-first-Islamic-bond-for-Emirates.html

UK Export Finance has underwritten its first Islamic bond in a further sign of the City's growing role in the global market for Sharia-compliant debt.

The government-backed export credit guarantee agency has provided cover for a $913m (£617m) Islamic bond issued by Dubai's Emirates Airline to purchase aircraft including the giant Airbus A380.

Britain recently became the first country outside the Muslim world to issue Islamic bonds, known as Sukuk. The £200m bond issued last year attracted healthy investor interest and was the first step in encouraging wider investment from the region to the City of London.

Chancellor George Osborne has said promoting the Islamic finance industry, which is worth nearly $2 trillion, would help make Britain “the undisputed centre of the global financial system".

...

Sukuk provide fixed returns from underlying assets, thus bypassing the Islamic prohibition on receiving interest. The value of Sukuk already listed on the London market exceeds $34bn (£21bn) over the past five years with more than 50 bonds quoted by the London Stock Exchange.

So if Emirates can't meet the repayments the UK taxpayers pick up the bill for it buying aircraft? How much of the A380 is built in the UK?

Still nice to see our finance industry getting even bigger...

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Muslim magic !!

From haram to halal and you didn't even see it happen :)

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