Five Whitehall buildings held by wealthy businessmen in Islamic bond schemes are now operating under sharia rules – including an outright ban on booze.
The historic Admiralty House, overlooking Whitehall and the Mall, has been revealed as one of the properties which must comply with sharia, under the terms of special bonds known as Sukuk, which were announced by George Osborne two years ago.
At least £200m in Sukuk has been sold to Muslim investors in the UK and in the major Islamic finance centres in the Gulf and Asia.
Sukuk bonds prohibit interest payments, so when they mature in 2019, bond-buyers will be able to benefit from rental income from Government offices instead.
The properties have been leased on the condition that they cannot host any activities not sanctioned by sharia – including the consumption of alcohol.
Two Department of Health buildings, the Department for International Development building and an identified property in Southwark, south London, are also leased under the scheme, according to the MailOnline.
It was reported earlier this year that the new rules have been identified as a stumbling block by a parliamentary committee searching for an alternative home for MPs, in the event that planned renovations to the Palace of Westminster demand they move out.
Richmond House, home to the Department of Health, had been identified as a favoured option – until it emerged that MPs, who currently enjoy several bars and restaurants serving alcohol on the Parliamentary estate, would not be able to drink there.
