International Innovative Technologies £6 million Sukuk Musharakah wins European Deal of the Year
7 February 2011

The deal was awarded European Deal of the Year at the Islamic Finance News Awards 2010.

Norton Rose LLP acted for International Innovative Technologies Limited (IIT) in the UK’s first ever Sukuk. Dubai-based Millennium Private Equity Limited are the ultimate financiers in the transaction, which has raised financing using the musharaka (joint venture) Sukuk structure for the technology development company based in the North East of England.

The Norton Rose LLP team was led by London based partner Farmida Bi with support from associates Hasan Al-Ahmar and Hamed Afzal. Tax advice was supplied by partners John Challoner and Angela Savin. IIT also engaged Newcastle based Hay & Kilner to advise on the relevant corporate documentation.