Solum in Islamic venture

British-based, sharia-compliant investment firm Solum Asset Management will launch the first “investment sukuk” in the first quarter of next year, treating Islamic bonds as investment vehicles rather than debt instruments, its chief executive said. Unlike traditional sukuk, which are akin to conventional debt products, the £200m Student Accommodation Investment Sukuk will use equity to provide holders with an annual yield of four to six per cent, said chief executive Safdar Alam at the company's launch. Alam said the company was seeking to delink Islamic finance products from debt-heavy conventional finance.