The UK Government today celebrated the listing of its second sovereign Sukuk on London Stock Exchange. The 5-year offering was for £500 million, more than double the size of the UK Government’s debut issuance and the largest sterling Sukuk issuance to date. The UK’s second Sukuk saw strong investor participation, with demand from a diverse group of high-quality institutional investors from the UK, as well as the major hubs for Islamic finance in the Middle East and Asia.
 
The UK issued its first sovereign Sukuk in 2014, making it the first country outside the Islamic world to issue sovereign Sukuk.
 
This second Sukuk offering demonstrates the UK government’s continued commitment to the development of Islamic finance in the UK and ensuring the UK retains its status as a leading centre for Islamic Finance. This offering will increase the supply of high-quality, Sharia compliant, liquid assets and will help to foster greater financial inclusion in the UK.
 
The Chancellor of the Exchequer Rishi Sunak said: “We’ve set out ambitious plans to make the UK the most open and dynamic financial centre in the world.

By launching our second sovereign Sukuk, we’re cementing the UK’s position as the leading global hub for Islamic finance outside of the Islamic world.
Strong investor demand for this Sukuk meant we achieved a good price for the taxpayer and will help us develop our relationships with Islamic economies around the world.”