A Dubai based private equity firm called Millennium Private Equity Ltd, which is apparently at least partially owned by the Dubai regime, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K.

European companies may turn more to the Middle East for capital, as the region has more than 400,000 millionaires, almost all of whom are Muslim.

Policies to promote assets that follow Shariah law, such as easing of taxation and the sale of government sukuk, are spreading to Europe from Asia. The German state of Saxony-Anhalt became the first European borrower to sell bonds adhering to Shariah law in August 2004 with 100 million euros ($128 million) of five-year sukuk, according to data compiled by Bloomberg. Luxembourg is considering selling Sukuk as well…



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