Islamic Finance 

UK to launch second sovereign sukuk: Hammond

| 21 June, 2019
UK to launch second sovereign sukuk: Hammond
Photo: British Chancellor of the Exchequer Philip Hammond delivers a speech at the annual Mansion House dinner in London, Britain June 20, 2019. REUTERS/Simon Dawson/Pool

LONDON (Reuters) - 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.

On Monday, Hammond launched a London-Shanghai stock market connection.

"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 pounds ($254 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.

(Writing by William Schomberg; Editing by Cynthia Osterman)

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