Linklaters wins role for Government on UK’s first Sukuk issue

Linklaters has won a mandate from HM Treasury to advise on its first-ever Sukuk issue, it was reported by The Lawyer.

The project will be led out of Linklaters’ City office by capital markets partner Elaine Keats. Her team will be supported by the firm’s global head of Islamic finance Neil Miller and capital markets partner Richard O’Callaghan, both based in Dubai.

Miller said in a statement: “A UK sovereign Sukuk will demonstrate further government commitment to alternative finance and help secure more inward investment from the Middle East.”

HSBC has also been appointed to advise on the planning issuance, which reportedly has a value of around £200m.

The move is part of the Government’s bid to position London as a leading hub for Islamic finance. It was first announced by Prime Minister David Cameron in a speech at the World Islamic Economic Forum held in London last October.