RPT-UPDATE 1- Canada's Bear Mountain to issue $380 mln sukuk

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LONDON, July 2 (Reuters) - Canada's Bear Mountain Resort will launch a $380 million sukuk by the end of August in what would be the country's first-ever rated Islamic bond, a banker working on the deal told Reuters.

Siraj Capital was issuing the bond, said Jonathan Strum, the bank's head lawyer. Rating agency Moody's would give the sukuk a credit rating.

Half of the capital is expected to come from Middle Eastern investors and the rest from North America, Strum said.

The company hoped to have secured commitments from investors by the end of August, Sturm said.

Strum said the capital will be used to expand the resort, building new flats, and family homes.

Sukuk or Islamic bonds do not pay interest and are underpinned by tangible assets.

(Reporting by Cecilia Valente; Editing by Jon Loades-Carter)