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UK bolsters Islamic finance offering with £500m Sukuk

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.

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.

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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.

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