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A sukuk made of British front doors.
StrideUp issued a public sukuk backed by Home Purchase Plans. Gatehouse sold 1,770 plans to a US manager. The religion, both times, had to live in the receivables.
The Mizan desk · 7 September 2026 · 10 min
Sakeeb Zaman, StrideUp’s founder, told the trade press in 2026 that the firm was the first non-bank UK issuer of a public sukuk backed entirely by halal Home Purchase Plans, and the first of that type in about seven years — only the second ever in Britain. The raise was about £307 million from blue-chip investors. That is not a mosque committee. That is a capital market looking at rent plus unit sales and deciding the paper clears.
In August 2026 Gatehouse sold about £405 million across 1,770 UK plans to Waterfall Asset Management. Standard Chartered advised. Servicing stayed with Gatehouse. The Muslim Financier’s line on X was the right one: the buyer of the book does not need to be Islamic if the contract is. Customers were told nothing moved.
Institutional capital will hold anything whose cash-flows it understands. It now understands ours.
What a sale is not
A secondary trade does not launder a bad contract, and it does not stain a good one. If the HPP was a loan in a thobe, selling it to Manhattan does not help. If it was co-ownership plus a lease plus unit purchases, a US fund holding the cash-flows is the same economics as a bank holding them — with a different letterhead.
Ask, if you hold one of those plans, who services, who can vary rent, and who decides a sale on default. Those are the clauses. The press release is not.