Millennium Private Equity Ltd., a Dubai government-linked investment company with about $5 billion in capital, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K.
Millennium, part-owned by Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Shariah-compliant bank, bought $10 million of four-year convertible notes in July that were sold by International Innovative Technologies Ltd., a clean energy company in Gateshead.
“We are looking at transactions in Europe and other areas,” Vally Khamisani, a director at Millennium said in an interview in Dubai yesterday. “They can tap into capital which is focused on Shariah principles. The structures can fly well here.”
