Al Rayan Bank £250 million HPP securitisation

Overview:

• Al Rayan Bank has undertaken a £250 million shariah-compliant securitisation of home purchase plans (HPPs).
• Tolkien Funding Sukuk No. 1 (Tolkien), is the first shariah public HPP backed securitisation in the UK and the first public securitisation in the UK to be issued under the UK’s “alternative finance arrangements” regime.
• Tolkien is issuing certificates backed by a portfolio of HPPs originated by Al Rayan to customers in England and Wales.

Sam Duke

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