Abu Dhabi’s Waha Capital will seek shareholder approval to issue a AED1bn ($272m) sukuk later in 2010.

The company will ask shareholders to vote on the deal at an extraordinary general meeting on 21 March. The deal will be structured as a convertible bond, which will enable investors to convert their investment in the sukuk into the firm’s shares, listed on the Abu Dhabi Exchange (ADX).

Hussain al-Nowais, chairman of the company, says the sukuk will help fund the company’s expansion in 2010. Waha reported a profit of AED217m in 2009, compared to AED40m in the previous year.

The company is involved in aircraft and ship leasing, and financial services.