UK-based investment bank, Gatehouse Bank is planning a £60m ($97.8m) Sukuk by the end of Q1 2011, according to Richard Thomas, the bank's CEO.
Thomas was speaking to journalists at a conference in Abu Dhabi at the beginning of the week. (full story)
Thomas declined to say who the Sukuk was being arranged for, saying to Reuters that the Sukuk was linked to an unidentified firm's "cash flow related to government contracts."
Thomas was pleased at getting the Sukuk off the ground, as he had told The Islamic Globe that he had seen a significant slow-down in the UK Islamic finance sector. He said: "My view is that we [the UK sector] were doing a lot more business in the past. In the UK we're now taking steps backwards, in the 1970s and 1980s the sector was doing a lot of interesting things. Now we are reintroducing products from the past, not developing new solutions for the marketplace."
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