Fahed Boodai, co-founder and chairman of Gatehouse Bank
The British government may issue its first sovereign sukuk, or Islamic bond, by the end of the year, the head of a London-based Islamic lender has said.
“They are seriously considering it,” said Fahed Boodai, co-founder and chairman of Gatehouse Bank, a subsidiary of Kuwait’s Global Securities House.
When asked if an issuance is likely this year, he said; “I hope so.”
Gatehouse is a member of the UK Islamic Finance Secretariat, a group of Islamic banks and British government bodies. The group was established to bolster the sharia banking sector in the UK and to lobby for the issuance of the first UK sovereign sukuk.
“Part of our developing business agenda is encouraging the UK government to issue a sukuk,” James Bagshawe, chief operating officer at Gatehouse, said at the time.