A brand new, UK-built, ultra-fine milling technology launched in Gateshead on October 21 was financed with a sukuk financial instrument – a type of Islamic bond – which is the first of its kind in the UK.
North east company International Innovative Technologies (IIT) says it is the first in the UK to use the facility which is similar to a convertible bond and respects Islamic Sharia law and its investment principles, which prohibits the charging or paying of interest. The four year, $10m musharaka sukuk – small by international capital markets…
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