Britain to become first non-Muslim country to launch sharia bond

UK Telegraph ^ | October 29, 2013 | Harry Wilson

[C19fan]

Britain is set to become the first non-Muslim country to sell a bond that can be bought by Islamic investors in a bid to encourage massive new investment into the City. David Cameron will say in a speech on Tuesday at the World Islamic Economic Forum in London that the Treasury is drawing up plans to issue a £200m Sukuk, a form of debt that complies with Islamic financial law.

[C19fan]

The linked article mentions what it takes to be Sharia compliant which is there is no interest payment. The Sukuk is paid for by the profits of the enterprise it is used to finance; more like a dividend paying stock. The article fails miserably in explaining what enterprise Her Majesty's Government intend to be involved in that will pay a "profit" to pay the Sukuk? I do not believe the welfare state provides a profit. As a side note, when I believe Dubai or one of the other small Gulf city states went bankrupt they screwed the bond holders by claiming the investment instruments were not bonds because that would violate Sharia so they treated the investors as equity partners and wiped them out.

As a fan of Austen and Victorian authors that followed her one would read about people living off the income of "the funds" which was the interest earned on owning England's national debt. England became a superpower by being able to responsibly use debt to finance colonial expansion and her wars against France. Perhaps some later day authors will talk about Lord Mohammad and Lady Hussein living off the income from "British Sukuks".

[E. Pluribus Unum]

There is no "separation of Church and state" under Islam.

Under Islam, the Church IS the state.

[Resolute Conservative]

Someone remember to turn out the lights when the last Brit leaves or is beheaded.

[al_c]

They’re muslim ... they just haven’t admitted it yet.

[clintonh8r]

"Under Islam, the Church IS the state."

Progressives think the same way.

[golux]

Canadians are funny: they think they’re too special to go the way of England and France... Meanwhile the streets are crowded with hajib, and all of the immigration officers are... You guessed it... Moslem.

[GrandJediMasterYoda]

And here I thought that the French were the cheese eating surrender monkeys....

We'll have to change those French jokes now....

Raise your right hand if you like the English ... raise both hands if you are English.

[ifinnegan]

Who says Britain is a non-Muslim country?

[RushIsMyTeddyBear]

I’m sitting here listening to a few older British gents on 3642 80m on HAM right now. Boy are they fed up with the state of things in the UK. :(

[Hardraade]

Britain is non-muslim? If so, that is changing.

[faithhopecharity]

so do these “sharia non-bonds” require a portion of the investor’s funds to be sent to terrorist organizations (some socalled islamic investments do this)

(or will UK leave the funding of islamoNazi terrorist gangs to Obama?)

[KarlInOhio]

Although the Koran prohibits interest, Allah is easily fooled by tricky accounting and cooked books to make interest look like profits. Bernie Madoff would have had a field day.

[Amendment10]

Why is Britain regarded as a non-Muslim country? After all, the “protector of the faith” Queen gave Muslims the license to out-breed whatever Christians were left when she approved of same-sex marriage.

[liberalh8ter]

Can someone please explain to me why, in light of the terrorist attacks perpetrated by followers of hoMohammed, we (westerners) are capitulating to this faux religion?

[caww]

UK abandoned Christianity....the void will be filled otherwise as we see playing out.....we're next.

[PLMerite]

“...plans to issue a £200m Sukuk, a form of debt that complies with Islamic financial law.”

So, does it pay interest in sheep, or what?