Islamic bonds have expanded their geographic footprint after a British manufacturer became the first company to raise money through a sukuk in the UK, which has until now, largely been the domain of the Middle Eastern and Asian countries.

International Innovative Technologies, a maker of industrial mills, raised $10m through a private equity sukuk to help finance its growth plans. The bonds, which pay 10% and expire in 2014, were bought by Dubai-based Millennium Private Equity and will be listed on the Cayman Islands Stock Exchange.