Question to the HM Treasury:

To ask Her Majesty’s Government whether they will provide an update on their policy on Islamic finance in the UK.

The Government remains committed to developing the UK as a global centre for Islamic Finance. This work includes issuing sovereign Sukuk of £200 million in 2014; adapting the tax regime to remove the major tax barriers to Islamic finance transactions; and UK Export Finance issuing its first ever Sharia-compliant export credit guarantee for a 10-year US$913 million Sukuk that was issued by Emirates Airlines in March 2015. This was used to finance the acquisition of 4 Airbus A380 aircraft.