Millennium Private Equity (MPE), which is owned by Dubai Islamic Bank and United Gulf Bank, has invested in an Islamic bond issued by clean technology development company International Innovative Technologies (IIT), according to reports.
The value of the deal has not been disclosed but it is the first Islamic bond in the UK and is structured to be compliant with Shari’ah principles and provides the investor with synthetic preffered rights and dividends.
IIT manufactures a range of high output mills with modular designs and bespoke processing systems.
The company is based in north-east UK and its products are used by aggregates, construction and recycling businesses.
According to reports, Dubai-based MPE said the transaction provides a framework within which traditional investors looking for preferred returns and rights can structure the investment and still be Shari’ah compliant.
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