Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Monday, December 22, 2008

UK takes first steps towards Islamic finance rules

The UK government has launched a consultation on Islamic finance. The government hopes the joint Treasury-Financial Services Authority consultation on proposals for a legal framework for the regulation of alternative finance investment bonds, including sukuk, will support the growth of Islamic finance in the UK and to increase its position as a leading global centre in this market.

As well as the consultation, the government also published a paper, "The development of Islamic finance in the UK". The idea is to raise awareness of the growing role of Islamic finance in the UK by providing a stock take of achievements to date and examining the remaining barriers to growth.

The consultation on the regulation of alternative finance investment bonds (sukuk or Islamic bond) sets out the proposed legislative framework for the regulatory treatment of these vehicles. AFIBs refers to sukuk as well as any financial instrument with similar characteristics.
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