Money managers under the microscope
1st UK sukuk to herald new phase? Inshallah…
If it was not the holy month of Ramadan, I would confidently predict plenty of Halal cork-popping in UK Islamic finance circles today, following news of the first company in Europe — International Innovative Technologies (ITT) – to raise $10 million through a sukuk deal.
This has been a labour of love… rumours and counter-rumours about which company, government or institution would do the honours have abounded since the UK shelved its plans for a 2 billion pound short-note sukuk programme at the end of 2008. The UK may not be the only theatre of action in Europe – Luxembourg’s sukuk is rumoured to be on its way and France is equally open about its ambitions.
Whether ITT, which manufactures industrial mills, is ushering in a new era for Islamic finance involving Western issuers and market participants is hard to say. If it does, it will not quite be the revolution that other mills triggered 200 years ago, but enough for an evolution – Inshallah!