Britain’s Prime Minister has announced that the UK will be the first non-Muslim country to issue an Islamic bond.

David Cameron also announced at the World Islamic Economic Forum that a new Islamic index would be introduced on the London Stock Exchange.

Under Islamic rules, no interest on business dealings can be charged and no transaction can involve anything forbidden under Sharia law like alcohol or gambling.

“I don’t just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world,” Cameron told the WIFE.

The British Treasury said they hope to launch the Islamic bond next year.