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UK to launch second sovereign sukuk - Hammond

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UK to launch second sovereign sukuk - Hammond
British Chancellor of the Exchequer Philip Hammond delivers a speech at the annual Mansion House dinner in London, Britain June 20, 2019. REUTERS/Simon Dawson/Pool   -   Copyright  SIMON DAWSON(Reuters)
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LONDON (Reuters) – Britain will issue a second sovereign sukuk, or Islamic bond, the country’s finance minister, Philip Hammond, said on Thursday.

Hammond said in his annual Mansion House speech to representatives of the financial services industry that London was seeking to become the world’s most global financial services market as the country leaves the European Union.

On Monday, Hammond launched a London-Shanghai stock market connection.

“And tonight, I can announce the issuance of a second sovereign sukuk by the UK,” he said.

In 2014, Britain became the first Western country to issue an Islamic bond, raising 200 million pounds from a five-year deal that was 10 times oversubscribed.

Treasury officials have previously said the British government planned to reissue the bonds on maturity in 2019.

(Writing by William Schomberg; Editing by Cynthia Osterman)

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