"Sharia Law Sneaked Into Labour Budget," by Kirsty Buchanan for the Sunday Express, December 13:THE Treasury plans to rewrite Britain's tax rules to usher in a new wave of Sharia law for the country's financial system.The one-line revelation is buried in the 212-page pre-Budget report.
It is among a string of startling details which barely merit a mention in Alistair Darling's controversial mini-Budget - prompting fresh accusations that Labour is "burying bad news".
The Government wants to tap into the fast-growing Sharia finance market, set to top £205billion a year, and turn London into the "global gateway for Islamic finance".
Many conventional financial products are not Sharia compliant because Muslim clerics view conventional loans, which involve interest payments, as sinful.
The UK Government was one of the first Western countries to issue a state-backed sukuk, an Islamic bond. It now wants to rewrite tax laws to stop Muslim businessmen being unfairly taxed when they try to raise money on their companies.
Conventional loans allow them to take equity out of their business, using the property as collateral, but to be Sharia compliant a Muslim "sells" the business to the bank and then rents it back. That leaves the businessman facing a bill for capital gains tax and the Treasury wants to level the tax playing field.
Mohammed Amin, head of Islamic finance at PricewaterhouseCoopers, said: "The UK has become the leading Western country in Islamic finance by taking a series of measures to ensure that Islamic finance is taxed no worse and no better than conventional finance.
"The pre-Budget report continues this progress by including measures to equalise the tax treatment of property refinancing transactions." Ministers are also considering issuing Government bonds to Islamic banks to help them comply with new financial regulations....
Green Energy
From Jihad Watch:
- Willis Insurance Will Be A British Sharia Financier
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- London Steps Up Islamic Finance Ambitions
Selling Them The Rope To Hang Us From Sailan Muslim: Britain is encouraging banks through a task force to establish sharia-compliant products, aiming to position London as a Western hub for a fast-growing Islamic finance sector that is expected to reach...
- London Precipitates Sharia Finance
Britain's government keeps up its efforts to turn London into a sharia finance central (via Intl. Business Times): Britain is encouraging banks through a task force to establish sharia-compliant products, aiming to position London as a Western hub...
- Gordon Brown Wants Uk To Be The International Financial Center For Sharia Products
After Dutch MP, Geert Wilders was declared "persona non grata" and deported from UK because his presence was threatening community harmony, I found that Times On Line published an article (which herroyalwhyness pointed out to me was written in March...
- Gordon Brown Takes Next Step In Creation Of Britainistan
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Green Energy
UK: Treasury rewriting Britain's tax laws to accommodate Sharia financ
Maybe if I play dead the Muslims will leave me alone.
From Jihad Watch:
- Willis Insurance Will Be A British Sharia Financier
News comes of a British company that's going to offer sharia finance services: One of the world's oldest insurance brokers, Willis Group Holdings, will offer sharia-compliant commercial real estate coverage in Britain for the first time, helping...
- London Steps Up Islamic Finance Ambitions
Selling Them The Rope To Hang Us From Sailan Muslim: Britain is encouraging banks through a task force to establish sharia-compliant products, aiming to position London as a Western hub for a fast-growing Islamic finance sector that is expected to reach...
- London Precipitates Sharia Finance
Britain's government keeps up its efforts to turn London into a sharia finance central (via Intl. Business Times): Britain is encouraging banks through a task force to establish sharia-compliant products, aiming to position London as a Western hub...
- Gordon Brown Wants Uk To Be The International Financial Center For Sharia Products
After Dutch MP, Geert Wilders was declared "persona non grata" and deported from UK because his presence was threatening community harmony, I found that Times On Line published an article (which herroyalwhyness pointed out to me was written in March...
- Gordon Brown Takes Next Step In Creation Of Britainistan
The socialist chancellor of the exchequer of Great Britain, Gordon Brown, has announced that he would like to make Britain "the gateway to Islamic finance and trade". Sort of like an Islamic Mos Eisley : London, 13 June (AKI) - Britain's finance...