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BRITAIN RACES TO OFFER ISLAMIC INVESTMENTS

Britain and France appear to be in a race to corner the sharia-compliant Islamic finance market. Both countries are rushing into law new regulations that will make the operation of sharia finance easier and facilitate the issuance of corporate Sukuk.

Sukuk are a broad class of financial instruments designed to replicate the economic function of bonds, but with a structure which complies with Islamic principles. Although there is an obvious appeal to the Muslim community, the Treasury spokesman said “sukuk can be issued and bought by everyone.”

In the UK, the Treasury has laid before Parliament the Financial Services and Markets Act 2000 Order 2010 that will clarify the regulatory treatment of corporate sukuk, reducing the legal costs for these types of investments and removing unnecessary obstacles to their issuance.

Exchequer Secretary to the Treasury Sarah McCarthy-Fry MP said: “The Government’s objectives on Islamic finance are to enhance the UK's competitiveness in financial services by maintaining the UK's position as a Western leader for international Islamic finance; and to ensure that everybody, irrespective of their religious beliefs, has access to competitively priced financial products.

“This measure is another important step in the development of the Islamic finance sector in the UK and will help to provide a level playing field for Islamic financial products in this country. It is good news for the UK economy and for our Islamic finance industry.”

Duncan McKenzie, director of economics International Financial Services

But the French Minister of Economy, Industry and Employment Christine Lagrade’s Advisor Thierry Dissaux said his country was going ahead with its own plan to adopt the Islamic financial system. the French official noted. In its official tax guidelines on February 25, 2009, the authority set out procedures pertaining to Murabaha Sukuk (Islamic bonds) operations in the Islamic financial system. London said: “The UK is the only western country to feature prominently in provision of Islamic finance and remains in eighth position with assets of $19bn in a global ranking of sharia compliant assets by country.”

Not to be left out, Luxembourg took a first step in entering the race for the Islamic financial bonanza when it published last week a new tax circular on the treatment of a whole range of Islamic finance products including murabaha, musharaka, mudarabah, istisna, ijarah, ijarah wa Iktina and sukuk (Islamic bonds).

I feel great unease that these plans will compromise the strict secularity of Great Britain. The government has already introduced legal and tax                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      amendments with a view to matching the requirements of the Islamic Sharia law in terms of Islamic finance which is readily available today.

But what is more grating to me is the two tiers of financing now offered by ‘British’ banks to different sections of the community.

We, non-Muslims are entitled to the same ‘interest free’ loans as Muslims otherwise we are being religiously discriminated against are we not?

Sharia courts have already spread across Britain and are being used as an alternative and informal legal system by many British Muslims.

Unofficial Sharia courts, such as those run by the Islamic Sharia Council, hear cases across the country from Leyton in East London to Dewsbury in Yorkshire.

In hard-line Islamic states such as Saudi Arabia and Iran, Sharia rulings have led to floggings, stoning, amputations and beheadings.

The lefties have ruined our country and they have lost all respect for our values, traditions and culture, they have conspired to remove Britishness from within our schools and are trying their best to do so with every other way of life we have.

We are British and this is OUR country and any special ‘interest free’ loans and special finance deals and bonds should be for us as it is we that will no doubt have to subsidise these sharia finances.

Perhaps it is time for White indigenous people to go into to their bank and demand a sharia mortgage and when refused then claim religious discrimination and sue the bank.

However you look at it it stinks and it is wrong and it will be repealed by a National Front government and these banks will be called to account.

I personally would shut these robbing banks down and open a government run and controlled banking system for the benefit of British people.

Tom Linden (NF Press and Publicity)