Ed Balls annonunces plans to make the UK the global centre of choice for Islamic finance...
The Economic Secretary, Ed Balls, has today announced plans to further promote the development of takaful products in the UK.
The push will see guidance on Shari'a compliant insurance products being published alongside this year's Budget, Balls confirmed.
The move forms part of a wider push to “establish the UK as the financial partner of choice for emerging markets and a leading global centre for Islamic finance,” and will include legislation in the Finance Bill 2007 to facilitate the UK issuance and trading of Sukuk, and will see Islamic finance become a key priority for the Chancellor's High Level Group.
Ed Balls said: “Today I am able to set out the next stage in our reforms to ensure the tax and regulatory system will encourage the development of Shari'a compliant products. I am pleased to be able to outline these reforms alongside the announcement of a Memorandum of Understanding to help set standards for Islamic capital markets. Today is an example of public and private sectors working together to fulfill our shared ambition of creating major international markets in Islamic finance with London as their centre.”
The Memorandum of Understanding was signed today between the International Capital Markets Association and the International Islamic Financial Market to set standards for Islamic capital markets.
