March 30 (Bloomberg) -- Qatar Islamic Bank SAQ, the Gulf state’s biggest lender complying with Muslim banking rules, is seeking to raise $200 million for a Europe-based fund that will invest in Islamic bonds, known as sukuk.

The EFH Global Sukuk plus Fund will be operated by QIB’s European Finance House Ltd. unit in London, and managed by Aleksandar Devic, a former Lehman Brothers Holdings Inc. credit analyst.

“There has been a growing amount of interest in Islamic finance and sukuk as a direct result of the problems of the conventional banking system,” said Mark Watts, head of asset management at European Finance House. “When capital markets start to free up, we expect sukuk issuance to take off with a vengeance.”

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