Sector Focus
Finance
Sponsored by: Mahay Financial Services
The launch of a new department
Mahay Financial Services are pleased to announce the launch of their Commercial & Development Finance department. This recognises the firm’s ambitions in the commercial sector. With the addition of key people, with expertise in finance, construction and engineering industries, it demonstrates the ability to provide effective bespoke solutions for its clients. The company has a proven
track record of negotiating and delivering solutions bringing about real growth and development in the local economy. Diversification of its existing networks has enabled it to bring about future development both in the West Midlands and wider regions of the United Kingdom.We are committed in the aim of facilitating growth in the Northern Power House and the Midlands Engine by bringing together investors, developers and local authorities. We have pleasure in announcing the roll out of its automated electronic CRM system. The firm is committed to this automation and confirms that the transition is effective in providing efficient services to our clients. The firm looks forward to the increased business possibilities created as a result of this. The company’s director, Mrs
B Chand, extends an open invitation to all intermediaries to work with the firm and to deliver enhanced benefits to your clients.
T: 0121 551 7676 F: 0121 551 6274 M: 07900 545726 E:
bally@mahaysolutions.com W:
www.mahaysolutions.com
Al Rayan Bank issues largest Islamic bond
Al Rayan Bank – the UK’s largest Islamic bank - has become the first in the world to issue a public Sukuk (Islamic bond) in a non-Muslim country. Known as ‘Tolkien Funding Sukuk No.1’, this is Al
Rayan’s first sharia-compliant mortgage-backed bond. The transaction is secured against a portfolio of
prime UK owner-occupied Home Purchase Plans (HPPs) originated by Al Rayan Bank. The £250m Sterling-denominated Sukuk has an expected weighted average life of three years.
‘Proceeds raised from the Sukuk issue will be used by Al Rayan Bank to fund further growth in its asset book’
The announcement comes as the UK continues to
position itself as a European hub for Islamic finance with the British government raising £200m in 2014, in what was the first sovereign Sukuk outside the Islamic world.
Birmingham-headquartered Al Rayan’s is the first UK
lender to combine sharia-compliant financing with securitisation, meaning that the bonds are raised against assets, in this case, mortgages. The reason for this is that Sharia-compliant financing
prohibits money lenders from charging interest on their loans. Instead, the lender agrees to invest in a project and then takes a share of the profits. This means that Al Rayan is essentially offering
customers the Sharia equivalent of a mortgage but, instead of making interest on the loan, the bank part- owns the home and rents out the rest of it to the customer.
Groundbreaking: Sultan Choudhury
At £250m, this is the largest ever Sterling- denominated Sukuk issued by a UK entity. Sultan Choudhury, Al Rayan Bank, said: “The
issuance of this groundbreaking Sukuk is a major landmark in the history of Al Rayan Bank, but it is also a significant development for the global Islamic finance sector which reinforces the UK’s position as a global hub for Islamic banking.” Proceeds raised from the Sukuk issue will be used by
Al Rayan Bank to fund further growth in its asset book, which has increased by more than 23 per cent over the last 12 months. The issue follows Al Rayan Bank’s announcement in 2017 that it had become the first Islamic Bank in the UK to receive an official credit rating.
Cooper Parry advise on tech sale
The corporate finance team at Midlands-based Cooper Parry has led a cross-border transaction involving the sale of eTech Solutions Limited to CoreLogic. The deal has led to eTech – a
provider of mobile surveying and workflow management software to the property services industry and energy markets - being acquired by CoreLogic, a global property information, analytics and data- enabled solutions provider. Founded in 2005 by brothers
MEMBER OF THE NATIONAL ASSOCIATION OF COMMERCIAL FINANCE BROKERS
Mahay Financial Services is a trading style of Mahay Solutions Limited. Mahay Solutions Limited is authorised and regulated by the Financial Conduct Authority. FCA number 673400.
62 CHAMBERLINK April 2018
Jim and David Driver, and headquartered in Solihull with 140 employees, eTech provides an ‘end- to-end property valuation workflow management platform and mobile valuation solution’ through which, it claims, more than 50 per cent of UK property valuations are delivered. In addition, eTech supports UK
energy suppliers in the delivery of Government carbon reduction obligations. Cooper Parry Corporate Finance acted as lead advisers to the
Border crossing: Phil Hinson
‘The transaction is another great example of a cross-border deal completed with a strategic trade buyer’
shareholders of eTech, And also provided tax advice. Jim Driver said: “We very much
look forward to aligning our expertise
with the considerable resources of CoreLogic to further develop the services we offer to our partners in the UK and internationally. With new products already in the pipeline, this is an exciting phase for eTech’s continued growth.” Frank Martell, CoreLogic
president and CEO, said: “The acquisition of eTech expands our UK footprint and augments our valuation solutions offerings. “The eTech team has established
a great track record of building innovative solutions that helped transform the UK valuation and energy assessment industries. We believe that over time, we can potentially leverage benefits from a number of eTech’s innovative solutions to fuel automation and reduce cycle times in our U.S. property valuation operations.” The Cooper Parry Corporate
Finance team was led by Phil Hinson, who said: “The transaction is another great example of a cross-border deal completed with a strategic trade buyer.”
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