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Ed Balls announce his support for Islamic finance
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The Economic Secretary, Ed Balls, has recently set out new measures to establish the UK as the financial partner of choice for emerging markets and a leading global centre for Islamic finance. In his speech to the EuroMoney Annual Islamic Finance summit, Ed Balls argued that the Government has a role in helping industry overcome barriers to the development of Islamic Finance in the UK.
In order to support the development of Islamic financial products, the Government has announced:
* Legislation in Finance Bill 2007 to facilitate the UK issuance and trading of
Sukuk; |
*Guidance on Diminishing Musharka and Takaful to be published alongside the Budget; and
* Islamic finance will become a key priority of the work of the Chancellor's High-Level Group.
The Government has also welcomed industry developments, including:
A Memorandum of Understanding signed between the International Capital Markets Association and the International Islamic Financial Market to set standards for Islamic Capital Markets; and the launch of the Islamic Finance Qualification in October, a joint initiative between the Securities and Investment Institute, and the Ecole Superieure des Affaires, one of the leading business schools in the Middle East, to develop qualifications in Islamic
Finance.
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