Lord Greaves – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Greaves on 2016-03-02.

To ask Her Majesty’s Government whether they will provide an update on their policy on Islamic finance in the UK.

Lord O’Neill of Gatley

The Government remains committed to developing the UK as a global centre for Islamic Finance. This work includes issuing sovereign Sukuk of £200 million in 2014; adapting the tax regime to remove the major tax barriers to Islamic finance transactions; and UK Export Finance issuing its first ever Sharia-compliant export credit guarantee for a 10-year US$913 million Sukuk that was issued by Emirates Airlines in March 2015. This was used to finance the acquisition of 4 Airbus A380 aircraft.