Richard Thomas, speaking on the sidelines of an Islamic forum in the United Arab Emirates' capital, said the bank would also arrange a 25 million pound syndicated lease financing this year.

Thomas declined to say who the sukuk was being arranged for, saying only that it was linked to an unidentified firm's "cash flow related to government contracts."

The sukuk is waiting for completion, he said, adding that the bank was "nearly there." He added that Gatehouse was also mulling the creation of a real estate investment trust and looking at opportunities in trade finance.