Khalij Islamic goes green as it raises US$4.83 billion for Reuben Power’s infrastructure project - IFN

Khalij Islamic goes green as it raises US$4.83 billion for Reuben Power’s infrastructure project

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GLOBAL: The recent announcement made by UK prime minister David Cameron on the launch of UK’s first sovereign Sukuk has sparked a rejuvenated interest in Islamic finance across the globe. In the first of what could be a plethora of new projects on the back of this drive, Islamic Finance news can exclusively reveal that Reuben Power, a UK-based electric vehicle (EV) charging services provider, will this week announce its intention to raise GBP3 billion (US$4.82 billion) in a Shariah compliant manner for the establishment of an infrastructure project across Western Europe, Turkey and Middle East. Reuben Power has mandated Khalij Islamic (Khalij), an Islamic advisory and investment boutique to assist in raising the said finances. Speaking exclusively to Islamic Finance news, Asim Khan, CEO and managing director of Khalij Islamic, revealed: “This is a first of its kind Islamic investment opportunity which, whilst providing investors with attractive returns, also helps in reducing the global carbon foot print. We believe this investment opportunity will not only follow the Shariah requirements from a structure perspective but its overall objective also falls well within the spirit of Shariah.” Having placed an initial investment of GBP100 million (US$161.12 million), the company will employ Khalij’s structuring expertise and its close relationships with Islamic investors for the fund-raising process. Proceeds will be utilized to construct a pan-European network of rapid AC & DC charging points that will enable consumers to fully charge their cars within a short period of 30 minutes. The project is scheduled to debut across the UK, mainland Europe and Turkey. Underlining the importance of environmental responsibility, Reuben Vurdien, CEO and founder of Reuben Power, said: “There is no doubt that the electric car is here to stay and [will] become part of our everyday lives. Numerous financial incentives provided by governments are already in place to attract and support customers in Europe, Turkey and the UK. There is a sea-change in consumer attitudes to embrace alternative solutions as part of a drive to achieve a 'greener' and 'cleaner' Europe.” Founded in 2008, Khalij Islamic is based in the UK and the UAE. Focusing on bringing new asset classes and high quality Islamic investment products to Islamic investors, Khalij is also authorized and regulated by the Financial Conduct Authority of the UK. “With the recent announcement of the UK government to facilitate and promote Islamic finance, we believe that this investment opportunity is ideally placed to showcase UK’s ability to forefront innovative projects using Islamic finance,” said Asim.