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(Except clauses 7, 8, 9, 11, 14, 16, 20 and 92) - Clause 56

Part of Finance Bill – in a Public Bill Committee at 11:30 am on 16th June 2009.

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Photo of Greg Hands Greg Hands Shadow Minister (Treasury) 11:30 am, 16th June 2009

With your forbearance, Mr. Atkinson, I want to point out that the Minister is right that that debate was about sukuk bond issuance, but the question was whether or not it was advisable for a sovereign issuer to be issuing structured notes, regardless of the structure. The debate was not actually about Islamic finance; it was about whether or not sovereign issuers should be going down that road.

I must say that now might be the opportunity for the Minister to apologise for misquoting me later that week to an audience in the City of London in a talk about Islamic finance, by claiming that Conservatives were opposed to Islamic finance, which is certainly not the case. So the debate today gives her an opportunity to apologise for misquoting me, which happened in the same week as the debate that she referred to.