Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to promote UK-based Islamic finance capabilities in international markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the UK’s Islamic finance sector on the Government’s objective of strengthening the UK’s position as a leading global financial centre.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential contribution of Islamic finance to achieving the Government’s green finance and sustainability objectives.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential merits of expanding the UK’s sovereign sukuk programme.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps his Department is taking to strengthen the UK’s institutional relationships with major global sovereign wealth funds.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
This government expanded the Office for Investment (OfI) including pursuing deeper investment collaboration with global sovereign wealth funds (SWFs) in support of our first Modern Industrial Strategy.
The OfI manages multi-billion-pound Sovereign and Strategic Investment Partnerships with SWFs and provides a channel for collaboration. The OfI has already facilitated multi-billion-pounds in commitments and multi-billion-pounds in capital deployed from these partners, contributing to growth and prosperity across the country.
This effort continues; The Government is sending a senior delegation to the Future Investment Initiative in Saudi Arabia later this month to strengthen ties further with Saudi and global SWFs.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what discussions her officials have had with their Saudi counterparts on (a) the execution of Jalal Labbad for offences allegedly committed whilst a minor and (b) other juvenile defendants on death row.
Answered by Hamish Falconer - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The Government continues to monitor individual cases of concern in Saudi Arabia, including the cases of Waleed Abu Al-Khair and Mohammed Al-Bejadi. We regularly raise human rights with the Saudi authorities, including at ministerial level.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what discussions her officials have had with their Saudi counterparts on the continued detention of (a) Waleed Abu al-Khair and (b) Mohammed al-Bejadi.
Answered by Hamish Falconer - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The Government continues to monitor individual cases of concern in Saudi Arabia, including the cases of Waleed Abu Al-Khair and Mohammed Al-Bejadi. We regularly raise human rights with the Saudi authorities, including at ministerial level.
Asked by: Bell Ribeiro-Addy (Labour - Clapham and Brixton Hill)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent discussions he has had with his Saudi Arabian counterparts on its use of capital punishment in (a) non-lethal criminal cases and (b) other criminal cases.
Answered by Hamish Falconer - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The UK strongly opposes the death penalty in all countries as a matter of principle, and in all circumstances. Saudi Arabia is well aware of the UK's opposition to the use of the death penalty. We regularly raise our concerns about the use of the death penalty with the Saudi authorities using a range diplomatic channels, at Ministerial level and through our Ambassador and our Embassy in Riyadh.
Asked by: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what representations he has made to his counterpart in the Kingdom of Saudi Arabia on the reported increase in the use of (a) judicial and (b) non-judicial travel bans imposed on (i) released prisoners of conscience and (ii) family members of peaceful activists.
Answered by Hamish Falconer - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The Government and our Embassy in Riyadh regularly monitor the human rights landscape in Saudi Arabia and engage with the Saudi authorities on these matters. We discuss human rights, including individual cases who have been subject to travel bans, with the Saudi Government.
Asked by: Nadia Whittome (Labour - Nottingham East)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent discussions his Department has had with the government of Saudi Arabia on the death sentences given to (a) Rami Gamal Shafik al-Najjar, (b) Ahmed Zeinhom Omar, (c) Hesham Al Teles, (d) Abdelfattah Kamal, (e) Issam Al Shazly, (f) Mohamed Saad and (g) Omar Sherif.
Answered by Hamish Falconer - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The UK strongly opposes the death penalty in all countries and circumstances. We regularly discuss human rights with the Saudi authorities, including individual cases of concern. I raised the cases of several Egyptian nationals with the Saudi authorities this year. The Government will continue to engage on this matter.