Britain to launch second sovereign Islamic bond

LONDON: Britain will issue a second sovereign sukuk, or Islamic bond, the country's finance minister Philip Hammond said on Thursday .

Hammond said in his annual Mansion House speech to representatives of the financial services industry that London was seeking to become the world's most global financial services market as the country leaves the European Union."And tonight, I can announce the issuance of a second sovereign sukuk by the UK," he said.

In 2014, Britain became the first Western country to issue an Islamic bond, raising £200 million from a five-year deal that was 10 times oversubscribed. Treasury officials have previously said the British government planned to reissue the bonds on maturity in 2019.

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