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Bond move for Muslim investment
2:46pm Thursday 31st October 2013 in News
LANCASHIRE Council of Mosques (LCM) has welcomed a government move to boost Islamic investment in the United Kingdom.
Prime Minister David Cameron this week announced the UK will become the first non-Muslim country to issue an Islamic bond.
He also announced plans for a new Islamic index on the London Stock Exchange.
It aims to attract more Muslim investors by making it clear which companies match their religious criteria.
LCM chairman Abdul Hamid Qureshi said: “I welcome this move.
“It enables people from every part of our society to invest in the country’s future.
“It is good for Muslims in this country and good for everyone else as it will bring in Muslim investment from elsewhere in the world creating jobs and prosperity.
“It is also good for non-Muslim ethical investors who will know that they can use it for investments suiting their needs.”
Under Islamic rules, no interest on business dealings can be charged and they must not involve anything forbidden under Sharia law, such as gambling or alcohol.
Islamic investments in the UK have soared by 150 per cent in the past seven years and are expected to be worth £1.3 trillion next year.
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