Following amendments to UK laws on alternative bond structures, Millennium Private Equity has used a musharaka (joint venture) structure to buy into the UK’s debut corporate sukuk.
The innovative structure has a convertible tranche, and should pave the way for future Islamic private equity investments.
“It’s no secret that getting a sukuk away from the UK has been on the radar for a while,” says Nadim Khan, who led the Herbert Smith team in Dubai that was advising...