French Halal food specialist, Bibars SAS, has raised Euro 500,000 ($654,750) worth of Sukuk to fund the opening of a restaurant near Paris called al Farooj. According to a statement, “Bibars, owner of the Master Franchise for France of the Al Farooj restaurant food chain, has benefited from this Sukuk to finance the opening of its first restaurant located in Alfortville (Paris Region).”
The Sukuk will have a tenor of 5 years and an expected profit rate of 8 per cent and represent the first tranche of a Euro 5m serial issue that is hoped will fund a chain of 50 such restaurants across France………………………………………..Full Article: Source