Friday, March 7, 2008

Islam gives London finance markets edge

After taking a battering from the global credit crisis, London has a potential ace up its sleeve as it seeks to restore its reputation as a global financial center — its premier position in the Islamic banking industry.

The British government will decide next week if it will issue a sovereign Islamic bond, or sukuk, a new avenue into a market that's estimated to eventually reach $4 trillion by Standard & Poor's.

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