Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
    Squid Game Season 3
    Videos

    Squid Game Season 3: Final Trailer Unveils Epic Plot

    June 14, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: UK’s first Islamic bond draws massive response
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
PhotoNews Pakistan > Business > UK’s first Islamic bond draws massive response
Business

UK’s first Islamic bond draws massive response

Web Desk
By Web Desk Published June 26, 2014 1 Min Read
Share
SHARE

Britain became the first Western country to sell an Islamic bond on Wednesday, attracting 2.3 billion pounds ($3.9bn) in orders, more than 10 times the amount it was looking to sell.

The government raised 200 million pounds from the five-year sukuk issue, part of an effort to boost London’s position as a centre for Islamic finance.

Finance minister George Osborne said he hoped the deal would spur more corporate issuance of Islamic bonds, which cannot pay interest but instead offer a fixed profit stream based on underlying assets such as property.

“Today’s issuance of Britain’s first sovereign sukuk delivers on the government’s commitment to become the Western hub of Islamic finance and is part of our plan to make Britain the undisputed centre of the global financial system,” he said.

The Islamic bond was priced to give a profit rate of 2.036 per cent, the same as the yield on Britain’s benchmark five-year government bond, or gilt. That is less than the premium of up to 2 basis points over the conventional bond that was initially indicated, reflecting bumper demand.


Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Trump Tariffs Rate Chart Trump tariffs China

Trump Signals No Tariff Pause Extension, Plans Letters with Trade Penalties

Pakistan China Regional Bloc

Pakistan and China Plan New Regional Bloc to Replace SAARC

Daniil Medvedev Wimbledon 2025

Daniil Medvedev Suffers Shock Wimbledon First-Round Exit to Benjamin Bonzi

Pakistan Stock Exchange

Pakistan Stock Exchange Hits Record High at 125,627 to Close Fiscal Year 2025

Meta AI 1 billion users

Facebook Requests Camera Roll Access for AI-Powered Story Suggestions in 2025

Post Archives

More Popular from Photonews

Trump Iran uranium airstrikes
Top NewsWorld

Trump Denies Iran Moved Enriched Uranium Before U.S. Strikes, Claims Success

3 Min Read
Trump Big Beautiful Bill
Top NewsWorld

Trump’s Big Beautiful Bill Advances in Senate: Key Provisions Explained

7 Min Read
Sony lawsuit PlayStation pricing
Tech

Sony Faces Class Action Lawsuit in Netherlands Over PlayStation Digital Pricing

2 Min Read
Sindh

Karachi Weather: Light Rain Forecast, Monsoon Spell to Bring Heavy Downpours

The Pakistan Meteorological Department (PMD) forecasts drizzle or rain in Karachi on June 24, 2025, offering…

June 24, 2025
Entertainment

Marvel’s The Fantastic Four: First Steps Trailer Reveals Galactus, Sparks Doom Rumors

Marvel Studios unveiled the final trailer for The Fantastic Four: First Steps on June 26, 2025,…

June 26, 2025
Sports

West Indies Bowlers Seales and Joseph Stun Australia in Thrilling Test Opener

The Kensington Oval in Bridgetown buzzed with excitement. West Indies fast bowlers Jayden Seales and Shamar…

June 26, 2025
Offbeat

Norwegian Tourist Denied U.S. Entry Over JD Vance Meme at Newark Airport

On June 11, 2025, Mads Mikkelsen, a 21-year-old Norwegian tourist, was denied entry to the United…

June 25, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?