June 30 (Bloomberg) -- The U.K. Treasury is committed to selling government bonds that conform to Islamic law, the first western country to sell such securities, Treasury Minister Kitty Ussher said.

Decisions on tax rates and the underlying assets that would back the securities, known as sukuk, have yet to be made, Ussher said June 27. The Treasury will also make a value-for-money assessment.

Sukuk bonds bar interest payments, typically paying an agreed profit distribution based on the underlying assets instead.
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