“Prime Minister David Cameron said the U.K. plans to become the first country outside the Muslim world to sell a Shariah-compliant bond as soon as next year. Cameron laid out his government’s intentions in a speech to the World Islamic Economic Forum in London. The Islamic bonds, known as sukuk, would be valued at about 200 million pounds ($320 million). Cameron also said London Stock Exchange Group Plc (LSE) is creating an Islamic market index. Islamic bonds are typically backed by assets or cash flow because of the religion’s ban on interest. About 60 percent of the world’s sukuk is issued from Malaysia, according to Malaysia International Islamic Financial Centre.”
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