Financial Services: Islam

HM Treasury written question – answered on 7th April 2016.

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Photo of Lord Pearson of Rannoch Lord Pearson of Rannoch UKIP

To ask Her Majesty’s Government which Government buildings have been transferred to finance Islamic bond schemes; what restrictions there are on the use of such assets as a result of Sharia financing; and why that method of raising money was chosen.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

Three government properties underpin the Sukuk. These are Richmond House, Wellington House and 22-26 Whitehall.

The Sukuk is issued under, and governed by, English law. The properties underpinning the Sukuk continue to be occupied by the departments that were there before issuance, with no change to their use. While investors have a beneficial interest in the assets, they do not have any say over how the properties are used.

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