Bishop Michael Nazir-Ali warns against plans for Islamic bonds in Britain
Bishop Michael Nazir-Ali has warned against the Government's proposals to introduce an Islamic bond that complies with Sharia law in Britain, saying that the move will have "unforeseen consequences".
Commenting on the plans, announced by Prime Minister David Cameron at the World Islamic Economic Forum, Bishop Nazir-Ali said: “This means that the Government itself will be subject to sharia in its dealings on these bonds.
"At the moment the issue is pretty modest, but how much will it grow? There’s a lot of liquidity out there and it could grow pretty rapidly, and then you may face a situation where a major part of your financial system is governed by sharia-compliant considerations.”
He added: “Before we take these steps that could have unforeseen consequences we do need greater public discussion, greater explanation of what actually is being done and what it is we are letting ourselves in for.”
Read more (Telegraph) >
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