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Islamic Finance — Sukuk

Tony Urwin Partner and Andrew Seagren Senior Manager of KPMG LLP review further developments in the Islamic Finance arena in particular the taxation of Sukuk or Islamic bonds
The increasing importance of Islamic Finance may be one of the key global financial developments in the next few years. Worldwide it is estimated that US$250 billion of funds are invested within the Islamic Finance system and it is expected that this will grow by around 15% annually.
Islamic financial products are structurally different from their conventional equivalents because Sharia principles prohibit treating money as a commodity in its own right and therefore prohibit both the payment and receipt of interest. Islamic financial products are instead based on the concept of sharing risk between the customer/investor and the financial...

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