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Tuesday, June 13, 2006

Chancellor wants to encourage Islamic finance

The Ignorant Jock wants to encourage more Islamic finance in the UK. There is apparently a large Islamic finance market already but Gordy McBroon wants to turn the UK (by which he means England, obviously) into a global Islamic fainance centre.

Under Islamic Law it is illegal to make money from lending - loans bear no interest. Islamic finance centres don't charge interest so there's no profit to tax. I am therefore at a loss as to why McBroon wants to encourage it over here as not even Labour have found a way of taxing nothing.