LONDON (AA) - British Prime Minister David Cameron announced plans for a new Islamic index on the London Stock Exchange at the 9th World Islamic Economic Forum (WIEF) in British capital London on Tuesday.
Starting his speech at the leaders panel titled, "Changing World: New Relationships" by saying, "As-salam alaykum" in Arabic, Cameron greeted the leaders and representatives of the governments and states who participated at the Muslim world event.
Addressing political and business leaders in London's Excel exhibiton centre, Cameron reminded that the event was taking place outside the Muslim world for the first time since its establishment and called London, "This great city is the financial capital of the world. A city whose reputation has been built on long-standing virtues of openness and innovation."
British premier stated that already London was the biggest centre for Islamic finance outside the Islamic world and added that their ambition of today was taking this much further.
He assessed, "investing in London and opening London up to your investment is good for us" he said and explained why it was by saying, "We have got a time zone where you can trade with the Asia in the morning and America in the afternoon."
He added, they had English, which was the language of business, and moreover he noted, "we have world famous universities long-standing commitment to openness and free trade and generations of expertise in finance, construction and manufacturing."
"We want to make Britain the best place in Europe to start, finance or grow a business", he said and added, they were shortening the "start a new business times" and cutting "corporation tax to 20 percent" which is the lowest in G7.
"This government wants Britain to become the first sovereign outside the Islamic world to issue an Islamic bond," Cameron underscored and stated, the treasury was working on the practicalities of issuing a bond-lilke sukuk worth around 200 million GBP. "We very much welcome the involvement of industry in developing this initiative which we hope to launch as early as next year."
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