UK sukuk bond sale attracts £2bn in orders - FT.com:
"Britain has become the first western country to borrow money through the sale of Islamic bonds, attracting orders of £2bn for a £200m debt sale on Wednesday.
London’s five-year “sukuk” cannot pay interest to investors, which is forbidden under Sharia law, and will instead pay out profits based on the rental income from three London properties owned by the government.
The bond will pay out “profit” of 2.036 per cent, with bankers on the deal pricing it flat to the yield of the UK’s equivalent five-year “conventional” gilt, compared with initial indications of a slight spread above that rate."
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