The United Kingdom has bolstered its position as a world-leader in Islamic finance by issuing its second sovereign Sukuk.
£500 million of Sukuk, the Islamic equivalent of a bond, has been sold to investors based in the UK and in the major hubs for Islamic finance in the Middle East and Asia.
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The UK issued its first sovereign Sukuk in 2014, making it the first country outside the Islamic world to issue sovereign Sukuk and cementing its position as a centre for Islamic finance.
This second Sukuk offering is more than double the size of the first issuance, increasing the supply of high-quality Sharia compliant, liquid assets to the market and supporting the development of Islamic finance products in the UK.
The Chancellor of the Exchequer Rishi Sunak said: “Strong investor demand for this Sukuk meant we achieved a good price for the taxpayer and will help us develop our relationships with Islamic economies around the world.”
This second issuance attracted high-quality global demand, with orders totalling in excess of £625 million, and was sold to a broad range of high-quality institutional investors around the world.
