Jersey-based Volaw Trust Company has announced that it has been granted consent by the Jersey Financial Services Commission for a newly inco...

Jersey-based Volaw Trust Company has announced that it has been granted consent by the Jersey Financial Services Commission for a newly incorporated Jersey company to issue $26 million of Sukuk. Sukuk are Islamic asset-backed investment certificates that have been certified as complying with the requirement of Shariah principles, such as the prohibition of the paying or receiving of interest. “Whilst there have been many Sukuk issues originated by government agencies, this transaction is unusual in that the underlying asset is in the commercial sector,” said Trevor Norman, director of Volaw Trust Company. “The structure increases still further our business in the Gulf region and reinforces the value to us of the Jersey Finance visits in developing our business.” The announcement comes after a delegation of senior financiers from Jersey recently toured the Gulf region. Pierre Horsfall, chairman of Jersey Finance, said that the Volaw structure was an excellent example of how Jersey finance professionals could demonstrate the skills and innovation necessary to win Shariah compliant business, which he said offers huge potential for the Channel Island.