LONDON: Britain's plan to issue the first Islamic bond from a Western government will strengthen its position as a centre for sukuk trade, but it may miss a chance to develop Europe's Islamic banking industry.
Last week, Britain mandated five banks, including Malaysia's CIMB, to arrange a 200 million pound ($336 million) sukuk issue, part of Prime Minister David Cameron's effort to protect London against competition from other sukuk hubs such as Luxembourg, Dublin, Dubai and Kuala Lumpur. The sukuk could be issued in coming weeks, subject to market conditions.
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