Shariah compliant investment specialists, Autarky Sukuk, has financed property developments worth a combined £11.2mn on behalf of investors in 2024 so far.
The firm said its Sukuk programme, which deploys investors’ capital in an ethical, Shariah compliant manner, has financed five construction projects across the UK so far this year.
These included a 35-unit apartment building in Bradford with a gross development value of £6.7mn as well as the construction of a executive home in Preston with a GDV of £2.5mn.
Autarky Sukuk director, Shoaib Bux, said: “We are thrilled to have financed such a wide variety of projects as part of our ongoing support of the real estate sector.
“Our latest investments showcase the versatility of our Sukuk programme, which provides much-needed, and competitively priced, finance to experienced property developers working on a range of property types at varying stages of development.”
Bux also said that, as the property market picks up speed following 2023’s price reset, he saw a “surge” in demand from investors seeking Shariah-compliant investment opportunities in UK real estate.
“Autarky Sukuk offers a unique solution that aligns with their values and delivers very attractive returns,” he added.
Other financed schemes included a mixed use development in Bedford with a GDV of £400,000, an office-to-residential conversion project in Bedford with a GDV of £430,000, and a five-bedroom refurbishment project in London with a GDV of £1.2mn.
The investments are part of Autarky Sukuk’s commitment to provide competitive finance to experienced property developers and steady returns to HNW and investors who want to deploy their capital in accordance with Islamic principles.
One such investor, Cur8 Capital finance expert, Ibrahim Khan, said: “As an investor, it is reassuring to know that the capital given to fund these projects align with our ethical principles.
“Coupled with being UK property based, the Sukuk programme was very attractive with its return profile.”
tom.dunstan@ft.com
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