Lord Pearson of Rannoch – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Pearson of Rannoch on 2016-03-22.

To ask Her Majesty’s Government which Government buildings have been transferred to finance Islamic bond schemes; what restrictions there are on the use of such assets as a result of Sharia financing; and why that method of raising money was chosen.

Lord O’Neill of Gatley

Three government properties underpin the Sukuk. These are Richmond House, Wellington House and 22-26 Whitehall.

The Sukuk is issued under, and governed by, English law. The properties underpinning the Sukuk continue to be occupied by the departments that were there before issuance, with no change to their use. While investors have a beneficial interest in the assets, they do not have any say over how the properties are used.