UK increases its commitment to Islamic finance industry

Dubai

BRITAIN is stepping up its commitment to expanding its role in the booming global industry for Islamic finance.

UK Export Finance (UKEF), the government's export-credit body that is backing a proposed sale of syariah-compliant bonds by Emirates airline, plans to extend guarantees to other industries, according to Hugo Swire, minister of state at the UK's Foreign and Commonwealth Office. Emirates is planning to raise about US$1 billion from its first sale of sukuk in two years, two people with knowledge of the matter said on Feb 19.