FSA to step up islamic finance regulation - papers 14th June

According to the paper, the chairman of the FSA, says in particular, the City regulator will soon unveil a framework to bring Islamically compliant "home purchase" plans within its sphere of regulation, while the status of so-called Islamic bonds, or sukuk, is also expected to be addressed. Sir Callum McCarthy told a conference on Islamic finance and trade: "As Islamic finance spreads in retail and wholesale markets, it is becoming more and more important that we create a regulatory framework for this. We need the same level of protection and confidence [in Islamically compliant products]...