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Sun 27 Feb 2011 02:58 PM

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UK's Gatehouse plans $97m sukuk by end of Q1

The London-based investment bank will also arrange a £25m syndicated lease financing this year, says CEO

UK's Gatehouse plans $97m sukuk by end of Q1
Fahed Boodai, co-founder and chairman of Gatehouse Bank

Gatehouse Bank, a London-based sharia compliant investment bank, plans to bring a £60m ($96.77m) Islamic bond to market by the end of the first quarter, its chief executive said on Sunday.

Richard Thomas, speaking on the sidelines of an Islamic forum in the United Arab Emirates' capital, said the bank would also arrange a £25m syndicated lease financing this year.

Thomas declined to say who the sukuk was being arranged for, saying only that it was linked to an unidentified firm's "cash flow related to government contracts."

The sukuk is waiting for completion, he said, adding that the bank was "nearly there." He added that Gatehouse was also mulling the creation of a real estate investment trust and looking at opportunities in trade finance.

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