UK reports results of sukuk group

The consultative group studying a U.K. government sukuk released its recommendations today. They include:

* the balance of advantages and risks lies with 'bill-like' sukuk rather than 'bond-like' sukuk;
* a rolling programme of up to around £2 billion of bill-like sukuk issuance would be achievable over time;
* a 'bill-like' sukuk programme would be fully integrated with the conventional Treasury bill programme, which has rolling issuance at 1, 3 and 6 month maturities; and,
* the Government would use a 'plain vanilla' Ijara-based structure to facilitate sukuk issuance.