British MPs may have to comply with Sharia law

Image
Press Trust of India London
Last Updated : Jan 30 2016 | 6:02 PM IST
British lawmakers may have to comply with the Sharia law including an alcohol ban when they move out of the Westminster Palace which is set to undergo much- needed repairs as the new complex they will shift into is governed by the Islamic law.
A UK parliamentary committee searching for a new temporary home for the House of Commons away from the Palace of Westminster has identified Richmond House, home to the UK's Department of Health, as a favoured option.
But the building in the Whitehall political hub of London was transferred to finance an Islamic bond scheme of "Sukuk" two years ago, and a condition of its lease is that it cannot be used for purposes not sanctioned by Sharia law.
An official told The Times newspaper that under terms of the deal agreed with the UK Treasury, the sale of alcohol is among activities explicitly forbidden.
"It is true. If MPs want to use Richmond House they'd better give up any hopes it will include a bar," he said.
MPs and peers were told this week that they are likely to have to move out of the Palace of Westminster entirely for at least six years to allow for a four-billion pounds overhaul of the crumbling neo-Gothic pile.
According to the newspaper, parliamentarians will have to leave behind at least 10 licensed bars and restaurants, each well-stocked with competitively priced drinks.
The Richmond House complex, just north of the existing parliamentary estate, has been narrowed down as a favoured options as it can easily be taken within a security cordon and could comfortably accommodate a temporary debating chamber.
In July 2014, UK Chancellor George Osborne had announced that the Treasury was launching the first Islamic bond in a western financial centre.
The 200 million pounds bonds, known as Sukuk, would help make Britain "the western hub of Islamic finance" and the "undisputed centre of the global financial system", he said.
The offer was more than 10 times oversubscribed as central banks and sovereign wealth funds in Gulf states snapped up bonds that pay just over two per cent annually for five years.
Devout Muslims cannot buy traditional government bonds because they pay interest.
Sukuk, an Islamic alternative, permit guaranteed returns if they are linked to rental payments.
In the Treasury version, three government buildings - including Richmond House - are being used to finance the products. To ensure that the Sukuk were fully compliant with Sharia, the Treasury agreed to conditions on the properties' use including a ban on the sale of alcohol.
"The committee is looking at a range of options and no final decision has been taken. It is aware that Richmond House is under a bond," a spokesperson for the joint committee on the Palace of Westminster said.
The 182-year-old Palace of Westminster currently has eight bars in its premises.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jan 30 2016 | 6:02 PM IST

Next Story