UK set to approve sovereign sukuk

The UK is expected to move closer to issuing Islamic bonds guaranteed by the government when the Treasury (finance ministry) concludes a consultation exercise on the issue on 21 February.
The consultation began last November to explore how the UK would structure a sukuk backed by the government.

Politicians will be updated on the latest government thinking on the issue when the budget is announced on 12 March.

A treasury spokesman said the conclusion would be in line with making the UK a global hub for Islamic finance.

A sukuk backed by the UK government would be a significant spur to the takaful (Islamic insurance) industry, which currently has only limited highly rated fixed-income securities to invest in (MEED 25:08:07).

BOJ Fukui to address Islamic finance seminar Feb 23

TOKYO, Jan 23 (Reuters) - Bank of Japan (BOJ) Governor Toshihiko Fukui will speak at a symposium on Islamic finance on Saturday, Feb. 23, in Tokyo, the central bank said in a statement.

He will speak from 1:05 p.m. to 1:20 p.m. (0405-0420 GMT), the central bank said on Wednesday.

The BOJ joined the Islamic Financial Services Board as an observer member last year in a bid to learn more about Islamic finance, one of the fastest-growing markets in the world.

The IFSB is an international body setting standards for Islamic finance.