Autarky Capital has launched its Sukuk issuance programme – a type of asset-based security structured to comply with Shari’ah principles.
With the proceeds from investments in the Sukuk, Autarky will offer funding to provide capital for the purchase, refurbishment or development of residential or commercial properties in the UK.
Autarky’s Sukuk has been structured to be ethically compliant, meaning it has been designed to comply with Shari’ah principles, in line with the rising demand for ethical investments.
By complying with Shari’ah principles, the Sukuk invests only in ethical investment opportunities.
This means that the Sukuk will never invest in industries that are deemed unethical by shari’ah law.
Autarky intends to partner with external organisations and, through the donation of a portion of fees generated under the programme, support charities on a project-by-project basis, ensuring that all money donated is being used to support real change on the ground.
Autarky’s founders, Yasin Patel and Shoaib Bux, have more than 30 years of combined experience in financial services.
Together, the pair have overseen more than £700m in lending since 2009.
Yasin and Shoaib established Autarky in 2021. The launch of Autarky Sukuk is the latest option for ethical finance in the UK, which became the first Western country to issue a sovereign Sukuk in 2014.
Shoaib Bux, director at Autarky Sukuk, said: “We are proud to be announcing the launch of the Autarky Sukuk programme today, which we believe will contribute to the increase in desire for ethical investment opportunities.
“Islamic banking assets totalled $2.8tn in 2021, and are projected to hit $4tn by 2026, according to the LSEG, and we believe that it is the perfect time to make Sukuks a mainstream option for ethical investors in the UK.”
Yasin Patel, director at Autarky Sukuk, said: “The growing demand for ethical investment opportunities has led to a surge in the number of available products on the market.
“Where many of these products merely tick-boxes to be labelled as ethical options, Autarky’s Sukuk is structured to be Shari’ah compliant, making it an overtly ethical solution available to those of Islamic faith, and not.
“We are looking forward to helping our investors improve both their ethical and social impact, and to supporting the continued growth of Sukuk’s and wider ethical investment opportunities in the UK.”