UK is first Western nation to sell sukuk

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Britain became the first Western country to sell an Islamic bond yesterday, attracting £2.3 billion (R41bn) in orders, more than 10 times the sum it was looking to sell. The government raised £200m from the five-year sukuk issue, part of an effort to boost London as an Islamic finance centre. Finance Minister George Osborne hoped it would spur more corporate Islamic bond issues. – Reuters

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