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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.

from Global Investing:

The best of both worlds?

Combined Shariah and ethical/SRI products could be the way forwards for Islamic finance investing, according to Dr Humayon Dar, CEO at BMB Islamic, the Shariah consultancy at BMG Group.

Speaking at the Reuters Islamic Finance Summit today, Dar highlighted the development of an upcoming F&C fund that will meet both ethical and Shariah investing criteria, and can be sold to both Muslims and non-Muslims. "I see this as the way forward in markets such as Malaysia, where a significant proportion of the population is non-Muslim," he said, adding that once such products have established a track record, it should appeal to a broader audience, and encourage other launches.