Move to attract Islamic finance to the capital

THE Government has launched a campaign to promote London as a centre for Islamic finance, seeking to counter growing competition from rising centres such as Dubai and Kuala Lumpur.

A task force including Financial Secretary to the Treasury Greg Clark, ministers of state and private sector executives will advertise London around the world, the Foreign Office said.

The group will try to attract foreign investment by facilitating Islamic financial business, including investment in infrastructure by Islamic sovereign wealth funds.

Nearly £23bn worth of Islamic bonds, structured under religious principles, have been issued through the London Stock Exchange.

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