Another positive step in the growth of Islamic Finance market in the UK.
Whilst the issuance of the UK government's inaugural sovereign sukuk in 2014 helped to cement the UK's reputation as one of the main international hubs for Islamic Finance outside of the GCC and Malaysia, the government's renewal of the sovereign sukuk has demonstrated its commitment to the Islamic Finance industry and to build on the rapid growth since 2014.
We await further details on the new sovereign sukuk and it will be seen whether the government will increase the sum raised.
The UK government is targeting to reissue its sovereign Sukuk in early 2020, revealed John Glen, the economic secretary to the treasury and city minister, at IFN UK Islamic Finance Week 2019. The offering follows the maturity of the UK’s inaugural five-year GBP200 million (US$243.44 million) sovereign Sukuk in July 2019.