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Historic deal for Middle Eastern finance

Posted on 23 September 2010

From Nebusiness.co.uk: North East law firm Hay & Kilner helped Gateshead technology company IIT make history by raising £6.4m with the UK’s first Islamic bond. International Innovative Technologies, which is based in the Team Valley, made contact with Dubai’s Millennium Private Equity through WPIL, who provided the North East fund with seed funding in 2006.
While Millennium was interested in investing in IIT’s energy-efficient milling and power-generation technologies, any fundraising deal had to comply with Shariah law, which prohibits traditional features of Western deals such as charging interest, as well as association with activities such as gambling or drinking alcohol……………………………………….Full Article: Source

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