Islamic finance is the one of the world\u2019s fastest growing sectors - according to estimates from TheCityUK, at the current rate of growth, the market will exceed US$2 trillion in assets by the end of this year.[1] The Government has not estimated the benefits to UK companies of the expansion of the UK\u2019s Islamic finance market, although we recognise the significant opportunity it represents UK firms.<\/p>
<\/p>
<\/p>
The Government is committed to ensuring that the UK remains the global partner and destination of choice for Islamic finance. In June this year the Government was the first western country to issue a sovereign sukuk, an Islamic bond, worth £200 million. This cemented the UK\u2019s position as the western hub for Islamic finance and demonstrates that the UK has created a level playing field which puts Islamic finance on par with conventional forms of finance.<\/p>
<\/p>
<\/p>
The UK has a high concentration of Islamic finance and related professional services firms: 6 full Islamic banks, over 20 banks offering Islamic finance products and services, and over 25 UK law firms have Islamic finance units. As the Government continues its efforts to develop the UK\u2019s Islamic finance market, we expect further opportunities and benefits to arise for UK companies although these have not been estimated.<\/p>
<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"} } , "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"} , "answeringMemberPrinted" : {"_value" : "Mr David Gauke"} , "dateOfAnswer" : {"_value" : "2014-10-30", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-10-30T17:19:05.5607406Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2014-10-27", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services: Islam"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, what estimate his Department has made on the benefit to UK companies of an increase in the capacity of the UK's Islamic finance market.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4128", "label" : {"_value" : "Biography information for Chuka Umunna"} } , "tablingMemberConstituency" : {"_value" : "Streatham"} , "tablingMemberPrinted" : [{"_value" : "Mr Chuka Umunna"} ], "uin" : "211993"} , {"_about" : "http://data.parliament.uk/resources/101043", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/101043/answer", "answerText" : {"_value" : "
The Treasury holds one PFI contract, GOGGS West, which was entered into on 1st<\/sup> May 2000. Information on all PFI projects can be found on the following link, https://www.gov.uk/government/publications/private-finance-initiative-projects-2013-summary-data<\/a>.<\/p> <\/p> <\/p> <\/p> The current projects spreadsheet can be filtered by procuring authority and then by date of financial close in order to determine the number of projects contracted by a department in a particular year.<\/p> <\/p> <\/p> <\/p> The information in this spreadsheet is provided by departments and published by the Treasury each year. The current data is at 31 March 2013 but will be updated with information as a 31 March 2014 shortly.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1535", "label" : {"_value" : "Biography information for Danny Alexander"}
}
, "answeringMemberConstituency" : {"_value" : "Inverness, Nairn, Badenoch and Strathspey"}
, "answeringMemberPrinted" : {"_value" : "Danny Alexander"}
, "dateOfAnswer" : {"_value" : "2014-10-30", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-10-30T16:43:21.0812398Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2014-10-27", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Private Finance Initiative"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, how many private finance initiative projects his Department contracted for in each year from 1997 to 2010.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3929", "label" : {"_value" : "Biography information for Simon Kirby"}
}
, "tablingMemberConstituency" : {"_value" : "Brighton, Kemptown"}
, "tablingMemberPrinted" : [{"_value" : "Simon Kirby"}
], "uin" : "212105"}
, {"_about" : "http://data.parliament.uk/resources/100668", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/100668/answer", "answerText" : {"_value" : " I replied to the Rt Hon Member, on behalf of the Chancellor, on 22 October 2014<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"}
}
, "answeringMemberConstituency" : {"_value" : "South Northamptonshire"}
, "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"}
, "dateOfAnswer" : {"_value" : "2014-10-30", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-10-30T17:13:32.8147371Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2014-10-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Members: Correspondence"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, when he intends to reply to the letter to him dated 15 September 2014 from the right hon. Member for Manchester, Gorton with regard to Reverend Ian Hamilton.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/451", "label" : {"_value" : "Biography information for Sir Gerald Kaufman"}
}
, "tablingMemberConstituency" : {"_value" : "Manchester, Gorton"}
, "tablingMemberPrinted" : [{"_value" : "Sir Gerald Kaufman"}
], "uin" : "211687"}
, {"_about" : "http://data.parliament.uk/resources/100670", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/100670/answer", "answerText" : {"_value" : " Treasury Ministers and officials receive a wide variety of representations from organisations in both the public and private sectors.<\/p> <\/p> <\/p> <\/p> Details of ministerial and permanent secretary meetings with external organisations on departmental business are published quarterly and are available at:<\/p> <\/p> <\/p> <\/p> http://www.hm-treasury.gov.uk/minister_hospitality.htm<\/a><\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"}
}
, "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"}
, "answeringMemberPrinted" : {"_value" : "Mr David Gauke"}
, "dateOfAnswer" : {"_value" : "2014-10-30", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-10-30T16:52:38.6662284Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2014-10-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Financial Services: Taxation"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, what recent representations he has received from (a) business organisations and (b) trades unions about (i) economic integration within the EU and (ii) the proposed introduction of a financial transaction tax.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1388", "label" : {"_value" : "Biography information for Lord Dodds of Duncairn"}
}
, "tablingMemberConstituency" : {"_value" : "Belfast North"}
, "tablingMemberPrinted" : [{"_value" : "Mr Nigel Dodds"}
], "uin" : "211667"}
, {"_about" : "http://data.parliament.uk/resources/100671", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/100671/answer", "answerText" : {"_value" : " HM Revenue and Customs (HMRC) announced on 16 October 2014 the closure of 14 of its smaller offices across the UK which do not fit the medium to long term plans of any line of business currently operating from them. This included one office in North Wales, Government Buildings, Colwyn Bay and followed consultation with staff, departmental trade unions and elected representatives.<\/p> <\/p> <\/p> <\/p> Following the decision, 38 people in Colwyn Bay have been given priority status for vacancies at their grade both within HMRC and in other government departments.<\/p> <\/p> <\/p> <\/p> HMRC has not invited staff in Colwyn Bay office to consider voluntary redundancy at this stage. HMRC remains committed to avoiding compulsory redundancy and will do everything it reasonably can to avoid it.<\/p> <\/p> <\/p> There will be no impact on local HMRC services when the office in Colwyn Bay closes in July 2015 as it is not involved in direct customer-facing work.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"}
}
, "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"}
, "answeringMemberPrinted" : {"_value" : "Mr David Gauke"}
, "dateOfAnswer" : {"_value" : "2014-10-30", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2014-10-30T17:08:48.1429593Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2014-10-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Revenue and Customs: Wales"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, what progress has been made on the proposed closures of each HM Revenue and Customs office in North Wales; how many (a) forced and (b) voluntary redundancies each such closure entails; and what assessment he has made of the effect of such closures on levels of service by HM Revenue and Customs in North Wales.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/534", "label" : {"_value" : "Biography information for Chris Ruane"}
}
, "tablingMemberConstituency" : {"_value" : "Vale of Clwyd"}
, "tablingMemberPrinted" : [{"_value" : "Chris Ruane"}
], "uin" : "211760"}
, {"_about" : "http://data.parliament.uk/resources/100672", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/100672/answer", "answerText" : {"_value" : " The last published cost for changing the cap on entrepreneurs' tax relief related to increasing the lifetime limit from £5m of qualifying gains to £10m. This is available in the full Budget 2011 document at the following address on page 42 in table 2.1 of the report.<\/p> <\/p> <\/p>