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Saturday, 25 August 2007

Expansion in Sharia-compliant bonds in the UK have been welcomed

Government moves to expand the range of Sharia-compliant bonds in the UK have been welcomed by officials at the Tax Incentivised Savings Association (TISA).Under the recently announced Finance Act 2007, the total range of qualifying investments for recognising alternative investment bonds has been expanded, giving a better platform for Sharia-compliant bonds.This decision has been welcomed on the grounds that it helps reinforce the UK's position as a world leader in Islamic Finance. TISA director general Tony Vine-Lott highlights this fact in welcoming the aims of the Finance Act 2007."The latest developments … are only the latest in a series of constructive measures in this area and demonstrate the intent to make the UK an inclusive society at all levels," he commented.British Islamic Insurance Holdings is looking to become a leading player in Islamic insurance in the UK, according to Al Bawaba. - (LSE, 24 Aug 07)

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