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Chelsea barracks breaks new ground with largest Islamic financing scheme
by Martin Farrer
The £1bn deal to redevelop Chelsea barracks will be underwritten by a groundbreaking Islamic financing arrangement. A consortium led by the oil-rich Qatari investment fund and the property entrepreneur Christian Candy, which purchased the 5.2 hectare (12.8 acre) site at the end of January, said the deal would be the largest Islamic financing on a property in the UK. Islamic law prohibits charging or paying interest, so bankers and lawyers have developed a rapidly growing financial market by restructuring conventional products to make them compliant with religious requirements. The syndicated financing is fully underwritten by a mix of western and Middle Eastern banks, according to a press release issued by the developers.
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