Islamic Capital Markets

Issuance of Sukuk and Securities

We facilitate commodities and other physical assets in support of benchmark Sukuk issuance programmes for many sovereigns around the world. Recent issues include:

US$1.2bn Wakala Sukuk, of which two-thirds of the assets were underpinned by Sharia’a compliant commodities. The Sukuk had a tenor of 10 years and was listed on the Hong Kong Stock Exchange.

Total issuance of US$9bn, a hybrid Mudaraba/Murabaha Sukuk split into two tranches of certificates: US$4.5bn maturing in 2022 and US$4.5bn maturing in 2027. The Sukuk issue was listed on the Irish Stock Exchange.

Two separate Ijara/Murabaha issuances of US$1bn and US$850mn maturing in 2025.

US$1bn Ijara/Murabaha Sukuk listed on the Irish Stock Exchange.

We also provide facilitation services to support significant Sukuk transactions for quasi-government and supranational bodies, financial institutions and corporates, major privately owned corporates, and other companies in international and local markets. Recent issues include:
  • A multilateral development bank’s US$500mn issuance under its US$3bn trust certificate programme issued in 2017, maturing in 2022.
  • A Sukuk programme arranged by an international institution to introduce and facilitate cross border liquidity management by central banks, monetary authorities and multi-lateral organisations.
  • Issuances by a number of Islamic and conventional banks in the Middle East and Asia in support of funding diversification and for regulatory capital purposes.
  • A landmark US$2bn Sukuk programme issued by a Dubai-based company.
  • A UAE real estate company issuing US$ Sukuk through global banks.
  • Multiple Saudi corporates’ Sukuk issuances in local currency.
Capital Markets

Syndicated Financing

We are a commodity facilitator for numerous syndicated financings.

  • Multi-million US$ facilities arranged by international and local banks for Middle Eastern sovereigns. Participants have included a range of financial institutions and other financiers.
  • A US$ denominated facility arranged by an international bank for a South Asian government. Participants included banks from the GCC.
  • Two sizable syndicated facilities extended to a Saudi-based petrochemical company, split by international participation in US$ and local participation in local currency.
  • Several multi-currency facilities extended to a publicly owned Dubai-based real estate conglomerate. The financings equate to over $1bn in aggregate and were arranged by local banks with international participation.
  • Financings arranged in foreign and local currencies by international and local banks for Islamic banks operating in the MENA region for specific requirements and working capital.
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