Autarky Sukuk, a provider of Shari’ah compliant investment opportunities, has financed a series of developments with a combined gross development value (GDV) of £11.2m since the start of 2024.
Autarky’s Sukuk programme, which deploys investors’ capital in an ethical, Shari’ah compliant manner, has financed five construction projects across the UK so far this year.
These include a 35-unit apartment building in Bradford with a GDV of £6.7m, as well as the construction of an executive home in Preston with a GDV of £2.5m.
Other schemes financed include: a mixed use development in Bedford, featuring a ground-floor retail unit and a first-floor apartment with a GDV of £400,000; an office-to-residential conversion project in Bedford with a GDV of £430,000; and a five-bedroom heavy refurbishment project in London, with a GDV of £1.2m.
The announcement followed Autarky’s development of a new zakat calculator to help Muslim clients work out their compulsory charity contributions during Ramadan.
It allows users to enter details of any financial assets they own – from cash, shares and pension savings, to cryptocurrency and precious metals – and then provides a personalised zakat calculation.
Ibrahim Khan, Islamic finance expert at Cur8 Capital (IFG), 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.’’
Shoaib Bux, director of Autarky Sukuk, added: “We are thrilled to have financed such a wide variety of projects as part of our ongoing support of the UK 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.
“As the property market picks up speed following 2023’s price reset, we’re seeing a surge in demand from investors seeking Shari’ah-compliant investment opportunities in British bricks and mortar.
“Autarky Sukuk offers a unique solution that aligns with their values and delivers very attractive returns.”
