On 10 December 2008, HM Treasury, together with the Financial Services Authority, published a paper setting out the UK government’s perspective on Islamic finance in the UK,1 as well as a joint consultation paper (the “Consultation”)2 on the legislative framework for the regulation of alternative finance investment bonds (“AFIB” or “sukuk”). Together the documentation serves to demonstrate the strength of political will to “enhance the UK’s competitiveness in financial services by establishing the UK as a gateway for international Islamic finance,” while also suggesting some of the ways in which this might be achieved.

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