Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what progress his Department has made on the introduction of an Islamic bond.

In June last year the UK became the first country outside of the Islamic world to issue sovereign Sukuk, the Islamic equivalent of bonds, cementing Britain’s position as the western hub for Islamic finance.

The £200 million of Sukuk will mature in 2019. They were sold to investors based in the UK and in the major hubs for Islamic finance around the world.

The Sukuk received very strong demand, delivering good value for the taxpayer. Orders for the Sukuk totalled around £2.3 billion.