Complex Compliance

Complex Compliance

HM Treasury Sukuk

In June 2014, Her Majesty’s Treasury (“HM Treasury“) issued the first sovereign Sukuk outside of the Islamic World. It was designed to mimic a five year government gilt and offered a profit rate of 2.036%.

The Sukuk is listed on the London Stock Exchange and subject to the Disclosure and Transparency Rules (DTRs). It is genuinely unusual and, as far as we are aware, presented unique issues for the interpretation of the DTRs. It is not technically debt, it is issued by a non-government body, but ultimately owned and backed by the Treasury.

In order to ensure compliance with the rules, HM Treasury turned to Elemental. We were able to agree a pragmatic and compliant approach with the FCA and put in place processes and procedures to ensure that the Sukuk operates as desired.

Nick Lindsay
[email protected]
No Comments

Sorry, the comment form is closed at this time.

Get Started Find out how we can help

We’re here to keep things simple

If you would like to find out more about our services and how we can help support your business, please get in touch.

+44 (0)203 286 6229