New sharia row over Chancellors plans for Islamic bonds

#1
Approval: Chancellor Alistair Darling is ready to give the go-ahead to sharia-compliant bonds
A new sharia law controversy erupted last night over Government plans to issue special "Islamic bonds" to pay for Gordon Brown's public-spending programme by raising money from the Middle East.

Britain is to become the first Western nation to issue bonds approved by Muslim clerics in line with sharia law, which bans conventional loans involving interest payments as "sinful".

The scheme would mark one of the most significant economic advances of sharia law in the non-Muslim world.

It will lead to the ownership of Government buildings and other assets currently belonging to British taxpayers being switched wholesale to wealthy Middle-Eastern businessmen and banks.
The attempt to embrace Islamic financing would also appear to be at odds with Mr Brown's promise to promote Britishness and British values and institutions.

The Treasury has already faced heavy criticism for removing Britannia from 50p coins.

Other Western nations have been reluctant to issue Islamic bonds.

In the United States the bonds are banned partly as a result of claims that the money could be linked to terrorism.
Is this a good idea ?
 
#2
What has Shakira got to do with this?
 
#3
As the Prince Bandar incident illustrates the Saudis clearly own us body and soul I can't get aerated about trying to attract more of their surplus cash to Britain. Ironic that a major cause of their vastly increased wealth lately has been DC decision to invade Iraq after a bunch of Saudi nationals attacked NYC.

The Sukuk may actually be insufficiently islamic according to the FT.

Others are eying this trillion dollar market as well according to Bloomberg:
...
U.K. Treasury Minister Ed Balls last month said the government may sell Islamic bonds, following the German state of Saxony-Anhalt and Texas-based East Cameron Gas Co.

The Japan Bank for International Cooperation plans to sell as much as $300 million of sukuk in Malaysia. Tokyo-based Aeon Credit Service Co. in January became the first Japanese company to sell Islamic bonds.

Nakheel PJSC, the Dubai developer building islands in the shape of palm trees for luxury homes in the Persian Gulf, raised $3.52 billion in November in the biggest sukuk sale. Nakheel increased the amount from an initial $2.5 billion target after underwriters Dubai Islamic Bank PJSC and Barclays Capital received orders for $6.25 billion.

Investors drove up the price since the sale, reducing the yield to 6.13 percent from an initial 6.345 percent, Bloomberg data show.
...
 
#4
Daytona955 said:
What has Shakira got to do with this?
Well her name means thankful in Arabic and she is part Lebanese:
 
#5
I am definitely thankful for Shakira and she can give me an Islamic bond any day she wants
 
#7
RancidFat said:
Approval: Chancellor Alistair Darling is ready to give the go-ahead to sharia-compliant bonds
A new sharia law controversy erupted last night over Government plans to issue special "Islamic bonds" to pay for Gordon Brown's public-spending programme by raising money from the Middle East.
Is this a good idea ?
This is a storm in a teacup. HMG announced that they were looking into issuing sukuk instruments last year - it's a way of accessing finance from oil wealth in the Gulf. The City is pushing hard to become one of the global centres, if not the global centre, for Islamic finance. This is not because we're kowtowing to political correctness or multiculturalism - it's because we want their money.

The bigger story is why Gordon Brown got our national finances into such a parlous state in the first place ...but that's another story...

PS. Shakira - half Lebanese, half Columbian, now that's a good combination! :)
 
#8
Yellow_Devil said:
...
PS. Shakira - half Lebanese, half Columbian, now that's a good combination! :)
And a Catholic Schoolgirl!!!
 
#9
Yellow_Devil said:
RancidFat said:
Approval: Chancellor Alistair Darling is ready to give the go-ahead to sharia-compliant bonds
A new sharia law controversy erupted last night over Government plans to issue special "Islamic bonds" to pay for Gordon Brown's public-spending programme by raising money from the Middle East.
Is this a good idea ?
This is a storm in a teacup. HMG announced that they were looking into issuing sukuk instruments last year - it's a way of accessing finance from oil wealth in the Gulf. The City is pushing hard to become one of the global centres, if not the global centre, for Islamic finance. This is not because we're kowtowing to political correctness or multiculturalism - it's because we want their money.

The bigger story is why Gordon Brown got our national finances into such a parlous state in the first place ...but that's another story...

PS. Shakira - half Lebanese, half Columbian, now that's a good combination! :)
And because we produce nothing we are dependant on money.

labour. :evil:
 
#10
Got to win a vote or two, here or there. If you are in as much shite as 'Captain' Darling -thanks to his immediate predecessor at the Treasury - anything will do - provided it has the agreement and support of 'Mr Bean', the psychologically flawed one, the Control Freak, the Originator, thanks to his adherence of ancient soviet style socialist policies, 'The Bottler' who, without fail, buggers it up again

How long have we to put up with this oaf?

He is an unelected and seemingly unaccountable clown who is apparently hell bent on destroying this country.
 
#11
lsquared said:
How long have we to put up with this oaf?

He is an unelected and seemingly unaccountable clown who is apparently hell bent on destroying this country.
So.....kill him Actually it's fairly easy to do. Unlike Soviet or American leaders he is any easy target.........following this post.....probably not as easy as before but a determined ex army squad could do it. Think on that Gordon!!!
 
#12
Islamic bonds are slightly more expensive than the obligations of the West, mainly because they require extensive legal and religious advice.The main beneficiaries are lawyers, banks and multinationals called religious scholars retained as consultants to certify Islami City re-engineering of financial products.
 

cpunk

LE
Moderator
#13
Islamic bonds are slightly more expensive than the obligations of the West, mainly because they require extensive legal and religious advice.The main beneficiaries are lawyers, banks and multinationals called religious scholars retained as consultants to certify Islami City re-engineering of financial products.
????????????????
 
#16
Islamic bonds are slightly more expensive than the obligations of the West, mainly because they require extensive legal and religious advice.The main beneficiaries are lawyers, banks and multinationals called religious scholars retained as consultants to certify Islami City re-engineering of financial products.
After reading this statement I can conclude that you really need post some pictures of yourself in the NAAFI forum.
(Sans clothing will be appropriate)
Thank you for your cooperation
HH
(Well someone was going to say it anyway....)
 
#18
"We want foreigners to give us all their money so we can make even more money off of them. To this end, we're going to make it easier for them to decide which companies they want to invest in like wot our competition is doing."

Truly, civilisation as we know it is coming to an end.
 
#19
Well, I've read the words Sharia and Islam in the topic and I'm outraged.


If only someone can tell me what I'm supposed to be outraged about, then I'll program the bus' satnav and we'll be off!
 
#20
"We want foreigners to give us all their money so we can make even more money off of them. To this end, we're going to make it easier for them to decide which companies they want to invest in like wot our competition is doing."

Truly, civilisation as we know it is coming to an end.
Steady big lad common sense like that wil see you banned.


As the OP rightly points out the word Islam is in the title. Islam is a bad word, we don't like bad words decline of British value, bring back hanging, send them back repeat ad nausam.


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