slight factual corrections forwarded to FT

1. The prospective UK sovereign sukuk at all events will not be the first outside of the Islamic world. The first sovereign sukuk in a non-Islamic (Muslim majority) country, specifically in Europe as it happens, was in Germany —  in Saxony Anhalt a decade ago (in 2004).

2. Judge Muhammad Taqi Usmani’s intervention regarding sukuk occurred in November 2007, not 2008 (when the Accounting and Auditing Organisation of Islamic Financial Institutions raised standards as the article says.)

Also the boxed article “London steals a march on Dubai” appears to conflate murabaha with tawarruq.

And tawarruq is not merely ‘frowned on’ but essentially avoided in every jurisdiction other than Malaysia.

Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: