Birmingham bank issues £250m Islamic bond

Sultan Choudhury, chief executive, Al Rayan Bank
Birmingham-based Al Rayan Bank has become the first bank in the world to issue a public Sukuk (Islamic bond) in a non-Muslim country. The Edgbaston headquartered bank, the largest of its kind in the UK, said the move reinforced the UK’s position as the western hub for Islamic finance. The appropriately titled Tolkien Funding Sukuk No.1 is the bank's inaugural securitisation of residential finance-backed security (a Sharia compliant alternative to a conventional RMBS). The £250m sterling-denominated Sukuk has an expected ca... You can carry on reading for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...