Sukuk Data: Public Sukuks, Issuance by Industry

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Introduction

This is a report with information on different Sukuks (Islamic bonds). It shows historical data, bid prices and ask prices (ALCLICK, 2009). The information shall be useful for comparison of different Sukuks.

Public Sukuks

Code Name Type Ask Bid Closing Previous Closing Change
High or Low 		Last Traded Trade Period Bond (Maturity)
1 Adib Abu Dhabi Islamic Bank Sukuk Comp Musharaka 99.990 99.990 99.990 99.700 0.29
0.29 % 		99.990 21/10/2011 12/12/2011
2 bmai.sn BMA International Sukuk Ijara 87.000 85.500 87.000 100.000 -13.000
-13.00 % 		87.000 23/03/2010 –
3 Cbbisc Central Bank of Bahrain Ijara 110.000 109.125 109.125 109.125 0.000

0 %

 109.125 25/09/2011 17/06/2014
4 daar.sn DAAR International Sukuk Ijara 92.750 92.000 92.000 99.750 -7.750

-7.77 %

 92.000 15/05/2011 –
5 Danags Dana Gas Sukuk Mudarabah 0.000 94.750 94.750 94.750 0.000
0 %		 94.750 25/09/2011 04/10/2012
6 Darark Dar Al-Arkan International Sukuk Al-Wakala Bel-Istithmar 95.000 93.000 93.000 93.500 -0.500
-0.53 % 		93.000 25/09/2011 18/02/2015
7 dewa DEWA Funding Limited Ijara 99.250 98.750 98.750 98.750 0.000
0 %		 98.750 25/09/2011 2013
8 dugb Dubai DOF Sukuk Limited Ijara 104.625 103.875 103.875 103.875 0.000
0 %		 103.875 25/09/2011 28/10/2014
9 dugb 6.396 Dubai DOF Sukuk Limited Ijara 105.125 104.625 104.625 104.625 0.000
0 %		 104.625 25/09/2011 28/10/2014
10 Eib EIB Sukuk Company Ltd Musharaka 99.000 98.500 98.500 98.500 0.000
0 %		 98.500 25/09/2011 2012
11 emaa.sn Emaar Properties Sukuk Ijara 103.375 102.250 102.250 102.250 0.000
0 %		 102.250 25/09/2011 2016
12 emirat Emirates Airline Sukuk Musharaka 0.000 98.500 98.500 99.250 -0.750
-0.76 % 		98.500 25/09/2011 15/06/2012
13 Ge GE CAPITAL SUKUK LTD Ijara 104.500 104.000 104.000 104.000 0.000

0 %

 104.000 25/09/2011 27/11/2014
14 Idb Islamic Development Bank Al-Wakala Bel-Istithmar 105.750 105.250 105.250 105.250 0.000
0 %		 105.250 25/09/2011 16/09/2014
15 jafz.sn Jebel Ali Free Zone FZE Musharaka 77.000 75.000 77.000 76.500 0.500

0.65 %

 77.000 23/06/2009 –
16 nakhl Nakheel Sukuk Ijara 0.000 114.250 114.250 114.250 0.000

0 %

 114.250 24/07/2011 –
17 petrol PETRONAS Global Sukuk Ltd Ijara 106.410 106.070 106.070 106.070 0.000

0%

 106.070 25/09/2011 12/08/2014
18 qgsq.sn Qatar Global Sukuk QSC Ijara 100.050 99.850 100.050 100.000 0.050

0.05 %

 100.050 23/03/2010 –
19 QIB.sk Qatar Islamic Bank Sukuk Ltd. – 104.000 103.500 103.500 103.500 0.000

0 %

 103.500 25/09/2011 10/2015
20 Raks Rakia Sukuk Co Ltd Ijara 0.000 109.000 109.000 109.000 0.000

0 %

 109.000 25/09/2011 10/12/2012
21 scsi.sn Sarawak Corporate Sukuk Inc. Ijara 100.000 99.500 100.000 99.500 0.500

0.50 %

 100.000 06/12/2009 –
22 Sib Sharjah Islamic Bank Sukuk Musharaka 100.000 99.850 99.850 99.850 0.000

0 %

 99.850 25/09/2011 10/2012

Abu Dhabi Islamic Bank Sukuk Company: (adib): Top Sukuk gainer
Abu Dhabi Islamic Bank Sukuk Company: (adib): Top Sukuk gainer
Jebel Ali Free Zone FZE: (jafz.sn): Biggest Sukuk Loser
Jebel Ali Free Zone FZE: (jafz.sn): Biggest Sukuk Loser

Components of the Dow Jones Citigroup Sukuk Index, 2008

Name Coupon* Maturity Country Par Quality
Dubai Global Sukuk 3.333 11/04/2009 UAE 1000 A+
Sarawak International 4.282 12/22/2009 Malaysia 350 A-
Islamic Development Bank 3.302 06/22/2010 Supranational 500 AAA
State of Qatar 4.416 10/09/2010 Qatar 350 AA-
Abu Dhabi Islamic Bank 3.219 12/12/2011 UAE 800 A
Dubai Islamic Bank 3.534 03/22/2012 UAE 750 A
Emirates Islamic Bank 3.119 06/12/2012 UAE 350 A
Dubai International Financial Centre 3.194 06/13/2012 UAE 1250 A+
National Industries Group Sukuk 3.857 08/16/2012 Kuwait 475 BBB
DP World Sukuk Ltd. 6.250 07/02/2017 UAE 1500 A+

Source: Citigroup Index LLC., November 2008

*Amount in US $ Millions

Sukuks Issuance by Industry

Source: Dow Jones, 2008

Industry Volume
(US$—millions)		 % Total Volume Offerings % Total Offerings Average Issuance
(US$—millions)
Financial Services 21,712.92 24.7% 69 11.6% 314.68
Real Estate 19,368.73 22.0% 67 11.2% 289.09
Transport 12,004.63 13.6% 40 6.7% 300.12
Power & Utilities 9,054.77 10.3% 22 3.7% 411.58
Oil & Gas 6,338.12 7.2% 20 3.4% 316.91
Government 7,340.65 8.3% 197 33.1% 37.26
Construction 4,254.04 4.8% 34 5.7% 125.12
Services 2,088.67 2.4% 7 1.2% 298.38
Telecoms & IT 1,836.32 2.1% 28 4.7% 65.58
Industrial Manufacturing 1,090.30 1.2% 21 3.5% 51.92
Conglomerates 1,014.88 1.2% 7 1.2% 144.98
Agriculture & Food 767.55 0.9% 52 8.7% 14.76
Consumer Goods 347.64 0.4% 11 1.8% 31.60
Mining & Metals 306.65 0.3% 4 0.7% 76.66
Basic Materials 169.10 0.2% 7 1.2% 24.16
Healthcare 128.08 0.1% 3 0.5% 42.69
Automotive 127.51 0.1% 6 1.0% 21.25
Travel & Tourism 4.69 0.0% 1 0.2% 4.69

Shari’ah Structure

Issuances by Type of Shari’ah Structure

Source: Dow Jones, 2008

Structural Type Volume
(US$—millions)		 % Total Volume Offerings % Total Offerings Average Issuance
(US$—millions)
Ijarah 29,567.07 33.7% 225 37.8% 131.41
Musharaka 27,339.01 31.2% 78 13.1% 350.50
Modarabah 10,305.37 11.8% 33 5.5% 312.28
Murabaha 8,065.00 9.2% 112 18.8% 72.01
Istisnaa 5,022.20 5.7% 16 2.7% 313.89
Al-Istithmar 4,332.87 4.9% 4 0.7% 1083.22
Al Salaam 2,337.73 2.7% 126 21.2% 18.55
Other 650.00 0.7% 1 0.2% 650.00

From January 1997 to November 2008

Source: Dow Jones, 2008

Approximately $87,955.22 million of sukuks have been issued pursuant to 596 offerings
Sovereign 35%
Corporate 65%
Malaysia 267 issuances 44.80%
Bahrain 150 issuances 25.17%
By volume
Malaysia ($37,696.72 million 42.86%
The United Arab Emirates $26,977.48 million 30.67%
Gambia $36 million 6.04%
Saudi Arabia $8,224.62 9.35%
Average issuance size
The UAE $793.46 million
Malaysia $141.19 million
Bahrain $41.56 million
Global Sukuk Issuances by Issuance Status
International Sukuk Domestic Sukuk
S/No. Issuer Status Volume(USD in
Million) 		Percent of
Total Volume 		Volume(USD in
Million) 		Percent of Total
Volume
1 Sovereign 14554 31% 52645 35%
2 Quasi Sovereign 3000 6% 3291 2%
3 Corporate 30311 63% 93841 63%

Source: IIFM dated 29/03/2010

Tenor

Tenor is an imperative factor in the sukuk market as a tool for raising Islamic capital markets. Therefore, it is a source of concern for market players.

According to Dow Jones, only 3.69 percent of the total issuances have a tenor of over 20 years or more. This represents only 19.8 percent of the issuance volume.

Long-term tenure has 16.44 percent (the period is more than 10 years). This represents 38.1 percent of the issuance volumes. This cannot favor countries’ development needs. For instance, the need for infrastructure development and other long-term financial needs require $21.7 trillion by 2014.

Source: Dow Jones, 2008

Long-term Category Period Percent
Triads
Mushāraka 20 years and over
10 years and over		 63.64%
52.04%
Mudāraba
Murābaha
Second category
Ijāra 20 years and over 13.64%
10 years and over 31.63%
Third
Istisna’a 9.09% by number 20 year and over
6.60% by volume
13.27% by number 10 years and over
13.58% by volume
Tenor and Shariah Structure by Number of Issuance
Tenor and Shariah Structure by Number of Issuance
Tenor and Shariah Structure by Dollar Volume
Tenor and Shariah Structure by Dollar Volume

The most common form of tenor is the medium-term. From the above charts, we have the following observations:

  • Five-year tenors have 18.79 percent in numbers and 31.2 percent of the total sukuks issued
  • Five to nine year tenors have 45.13 percent of total issuances
  • One to nine year tenors constitute 53.42 percent of the total of issuances, which represent 58.48 percent by volume
  • Five to 19 year tenors are 47.82 percent and 59.2 percent in terms of numbers and volumes respectively
  • Medium-term implies issuance between one to 19 years of tenor. They represent 55.03 in terms of numbers and 75.9 percent by volume
Structure Tenor
Medium-term		 Numbers Volumes
Murbaha
One to nine years 28.71 percent 8.70 percent
Five to nine years 31.60 percent 9.71 percent
Six to nine years 50.96 percent 35.91 percent
Note: maybe revolving or working capital facilities
Majority maybe metal commodities or commodities not sealable in the secondary markets
Ijara One to ten years 45.19 percent 44.99 percent
One to 19 years 43.81 percent 33.82 percent
Note: Ijara are common in most tenure and look stronger in the mid-term categories

Industry Statistics

Source: Sukuk Monitor, 2013
Source: Sukuk Monitor, 2013

Secondary Market Prices, 2013

Zawya Code Sukuk Name Provider Currency Bid Price Ask Price Bid/Ask Yield Last Updated (GMT)
ADCB.SK ADCB Sukuk SJS Markets USD 106.613 107.279 2.24/ 2.063 05 Feb 13 10:02
CBBINTL3.SK CBB International Sukuk 3 SJS Markets USD 114.443 115.417 3.494/ 3.322 05 Feb 13 07:55
DPWORLD.SK DP World Sukuk SJS Markets USD 110.939 111.557 3.542/ 3.399 05 Feb 13 07:59
EIB2.SK Emirates Islamic Bank Sukuk (2017) SJS Markets USD 105.041 105.731 3.343/ 3.161 05 Feb 13 08:12
FGB2.SK FGB Sukuk (Tranche 2) SJS Markets USD 105.685 106.344 2.522/ 2.352 05 Feb 13 08:17
HBME.SK HBME Sukuk SJS Markets USD 104.599 105.286 2.131/ 1.922 05 Feb 13 08:20

Source: Web.

The Sukuk market gained strength in 2002. The Malaysian government issued sukuks, which were worth US$600 million. This development in the sukuk market occurred because of sovereign benchmark issues. These figures grew steadily by 40 percent within six months in 2007.

About 36 percent of the issuances came from Asia, specifically Malaysia, Brunei, and Pakistan. The GCC contributed about 62.1 percent between 2001 and 2007.

Between 2001 and 2007, the UAE led in the issuance of sukuks with regard to sizes. It issued 36.2 percent of the total world Sukuks issued during that period.

During the same period, Malaysia contributed 32.1 percent sukuks issued between 2001 and 2007. This implies that Malaysia was the largest player in the issuance of sukuks. This represented 137 issues while the UAE issued 29.

Sukuk markets have grown exponentially. However, it faces several challenges related to economic conditions, regulatory, and legal issues. This observation considers Shariah compliant provisions. These trends are common in any emerging security markets.

However, there are efforts from Islamic regulators to control such problems. These regulators include the Accounting and Auditing Organization for Islamic Financial Institutions, the International Islamic Financial Market, and the Islamic Financial Services Board.

International Sukuks Issuance (2001 to 2007). Source: Zawya, 2007
International Sukuks Issuance (2001 to 2007). Source: Zawya, 2007
  • Corporate issuances have demonstrated strong and rapid expansion since 2001. This includes both public and private issuances.
  • The value rose from USD0.4 billion in 2003 to USD9.9 billion in 2006. This represents a growth of 2,380.7 percent.
  • Malaysia issued most of the Shariah-compliant corporate sukuks. This was about 90 percent in 2004.
  • Most corporate issues take the form of quasi-sovereign. Sovereign natures of the risk behind these sukuks drive investors’ actions.

Annual Issuance in Tenor Categories by Number of Issuances

Offerings Pre-2001 2001 2002 2002 2004 2005 2006 2007 2008
3 Months 0 0 0 0 0 0 3 13 119
6 Months 0 0 0 0 0 4 12 11 12
1-4 Years 0 1 2 2 3 5 7 9 14
5 Years 0 1 3 7 12 24 10 31 24
6-9 Years 1 5 5 8 17 46 25 25 25
10-19 Years 4 2 2 1 5 4 14 20 24
20 Years or more 1 0 0 0 0 1 6 8 6
Total 6 9 12 18 37 84 77 117 224

Source: Dow Jones, 2008

Corporate and Sovereign Sukuks issued, 2001 to 2007. Source: Zawya, 2007
Corporate and Sovereign Sukuks issued, 2001 to 2007. Source: Zawya, 2007
Source: McKinsey and Company, World Islamic Banking Competitiveness Report, 2007 to 2008
Source: McKinsey and Company, World Islamic Banking Competitiveness Report, 2007 to 2008
Types of International Sukuks issued, 2001 to 2007. Source: Zawya, 2007
Types of International Sukuks issued, 2001 to 2007. Source: Zawya, 2007

Major Managers of sukuk securities: 2001 year to September 2005

Manager Amount US$ Issues % Share
CIMB 1,323 47 20.7
HSBC 1,224 18 19.1
Aseambankers 531 39 8.3
AmMerchant Bank 506 50 7.9
Standard Chartered 316 28 4.9
Citigroup 300 1 4.7
Dubai Islamic Bank 283 2 4.4
Deutsche Bank 275 3 4.3
EON Bank 246 47 3.8
RHB Bank 201 45 3.1

Source: Islamic Finance News, 2005

Year SR interest rates Saudi non-oil GDP
growth		 RM interest rates Malaysian GDP
growth
1999 6.14 4.20 5.00 5.00
2000 6.67 4.30 2.50 8.60
2001 3.92 3.50 2.80 0.30
2002 2.23 4.20 2.70 4.20
2003 1.63 3.40 2.75 5.20
2004 1.73 5.70 2.70 7.10
2005 3.53 7.40 2.70 5.20
Mean 3.69 4.67 3.02 5.08
SD 1.90 1.31 0.81 2.39

Sources: Saudi Arabian Monetary Agency and Bank Negara, Malaysia, 2005

Dow Jones Islamic Market Indexes Performance Report* in part based on back tested performance, 2008

INDEX 1 MONTH YTD 1 YR 3 YR 5 YR
Dow Jones DFMTitans 10 Index -25.56 -58.28 2578.12 3463.5 6180.24
Dow Jones-JS Pakistan Islamic Index 3.2 -43.8 9551.63 9255.34 16994.72
Dow Jone Islamic Market Amana Sri Lanka Index -8.2 -20.82 855.3 931.71 1080.15
Dow Jones Islamic Market Asia/Pacific Index -4.58 -47.93 813.68 852.77 1562.73
Dow Jones Islamic Market Asia/Pacific Titans 25 Index -6.47 -41.1 1296.49 1386.12 2201.22
Dow Jones Islamic Market BRIC Index -11.11 -64.08 931.23 1047.58 2592.21
Dow Jones Islamic Market China Offshore Index 1.62 -63.33 1273.9 1253.62 3473.73
Dow Jones Islamic Market Europe Titans 25 Index -4.52 -42.85 1637.05 1714.49 2864.54
Dow Jones Islamic Market GCC Index -19.39 -50.12 1269.76 1575.11 2545.59
Dow Jones Islamic Market Hong Kong Index -1.81 -56.22 788.73 803.29 1801.53
Dow Jones Islamic Market India Index -8.5 -67.68 758.24 828.7 2346
Dow Jones Islamic Market Indonesia Index -14.29 -70.89 424.43 495.2 1457.83
Dow Jones Islamic Market Islamic Market Japan Index -0.77 -37.03 810.8 817.1 1287.53
Dow Jones Islamic Market Kuwait Index -12.47 -40.95 1024.42 1170.41 1734.9
Dow Jones Islamic Market Malaysia Index -0.76 -49.81 911.39 918.35 1815.73
Dow Jones Islamic Market Philippines Index 8.94 -45.91 1151.61 1057.15 2128.93
Dow Jones Islamic Market Singapore Index -1.51 -57.21 641.45 651.31 1499.19
Dow Jones Islamic Market South Korea Index -16.18 -60.46 380.03 453.41 961.17
Dow Jones Islamic Market Taiwan Index -13.65 -49.62 2404.72 2784.91 4773.51
Dow Jones Islamic Market Thailand Index -2.28 -56.93 794.52 813.09 1844.74
Dow Jones Islamic Market Titans 100 Index -3.81 -35.2 1700.26 1767.69 2623.91
Dow Jones Islamic Market Turkey Index -5.54 -55.06 1935.53 2049.13 4306.6
Dow Jones Islamic Market U.S. Titans 50 Index -3.14 -30.67 1797.03 1855.31 2591.96
Dow Jones Islamic Market World Emerging Markets Index -10.82 -56 1082.81 1214.13 2461.06
Dow Jones Islamic Sustainability Index -5.98 -40.49 1750.69 1862.13 2942.08

Regional break-up of the Domestic Sukuk Market

Country Volume (US$ millions No. of Issues % of Total Value
Asia
Malaysia 67,872 792 66.8%
Indonesia 1,923 48 1.9%
Pakistan 1,657 31 1.6%
Brunei 740 13 0.7%
Singapore 99 2 0.1%
GCC
Saudi Arabia 7,665 10 7.5%
UAE 7,151 10 7.0%
Bahrain 1,508 77 1.5%
Qatar 137 1 0.1%
US, Europe and Africa
US 167 1 0.2%
Germany 123 1 0.1%
Gambia 0.388 1 0.0%
Sudan 12,614 20 12.4%
Total 101,656 1,007 100.0%

Source: IIFM 1st edition, 2010

Recent Corporate Sukuk Issues in the GCC

Issuer DIB Sukuk Company Nakheel Development JAFZ Sukuk
Type of Sukuk Sukuk Musharaka Sukuk Ijara Sukuk Musharaka
Purpose of Issuance Buying of assets as per
business agreement		 Buying of assets as per
business agreement		 Buying of assets as per
business agreement
Issue Size US$750 million US$3.52 billion DH7.5bn (US$2.4 billion)
Margin/Profit Rate Libor + 0.33% Libor + 1.2% EIBOR + 130bps
Listing Date 26thMarch 2007 14thDecember 2006 07thDecember 2007

Source: Zawya, 2008

For the Year International Market Global Market

For the Year International Market Global Market
2004 91.0% 86.1%
2005 71.6% 69.8%
2006 147.1% 104.4%
2007 76.1% 89.2%
2008 6.8% 15.9%
2009* 8.5% 19.4%
CAGR 106.8% 88.3%

Source: IIFM Sukuk issuance Database, 2010

The following table provides the current fixing rate and return payment details for Sukuks, which are administered by LMC and is prepared for the benefit of Sukuk investors.

Last Updated 25 Aug 2008

Current Rate Fixing + Margin (%) Rate Fixing Date Previous Rate Fixing + Margin (%) Total Return Formula Return Payment Dates Maturity Date
Short Term Sukuk Centre
US$ 268MM		 5.1025 12-Dec-07 5.045 1m LIBOR+ Variable Spread Monthly 17-Jan-08
Govt. of Bahrain – BMA (Issue #7)
US$ 250MM		 5.45625 23-Nov-07 5.98 6m LIBOR+ 0.60% 27-May
27-Nov		 27-May-08
EMAAR
US$ 65MM		 3.83 3-July-08 5.17375 6m LIBOR+ 0.70% 06-Jan
06-Jul		 6-Jul-09
Durrat Al Bahrain Sukuk
US$ 152.5MM		 4.05 23-July-08 4.17 3m LIBOR+ 1.25% 25-Jan
25-Apr
25-Jul
25-Oct		 25-Jan-10
The Commercial Real Estate Sukuk
US$ 100MM		 4.07 9-Nov-07 6.0125 6m LIBOR+ 1.25% 12-May
12-Nov		 12-May-10
Al Marfa’a Al Mali Sukuk
US$ 134MM		 5.295 24-Jul-08 5.40688 3m LIBOR+ 2.50% 26-Jan
26-Apr
26-Jul
26-Oct		 26-Jul-10
Lagoon City Sukuk US$ 200MM 5.38375 26-June-08 6.9675 6m LIBOR + 2.25% 28-Dec
28-Jun		 28-Dec-11
Berber Sukuk
US$ 130MM 		9.5 – – Fixed Rate 19-Sep
19-Mar		 19-Sep-14
Thani Investment Sukuk
US$ 100MM 		5.03938 20-March-08 7.60625 6m LIBOR + 2.50% 26-Sep
26-Mar		 26-Sep-12

Source: Web.

The following table provides the details of Sukuk trades executed by LMC in the Secondary Market:

Last Updated 27 March 2007

Executed Trades for 2007 (US$ 55,500,000)
Trade Date Trade Type Name of Sukuk Sukuk Return / Tenor
22-Mar-07 Buy A’ayan First Sukuk Co. 6m LIBOR + 2.00% / 5 Years
13-Mar-07 Sell Emaar 3m LIBOR + 0.70% / 5 Years
7-Mar-07 Buy Qatar Real Estate Investment Company Sukuk 6m LIBOR + 1.20% / 10 Years
6-Mar-07 Buy Lagoon City Sukuk 6m LIBOR + 2.25% / 5 Years
1-Mar-07 Buy Lagoon City Sukuk 6m LIBOR + 2.25% / 5 Years
21-Feb-07 Sell Pakistan Int’l Sukuk 6m LIBOR + 2.20% / 5 Years
21-Feb-07 Buy Pakistan Int’l Sukuk 6m LIBOR + 2.20% / 5 Years
13-Feb-07 Buy Lagoon City Sukuk 6m LIBOR + 2.25% / 5 Years
12-Feb-07 Sell Lagoon City Sukuk 6m LIBOR + 2.25% / 5 Years
31-Jan-07 Sell Al Marfa’a Al Mali 3m LIBOR + 2.50% / 5 Years
31-Jan-07 Buy Al Marfa’a Al Mali 3m LIBOR + 2.50% / 5 Years
23-Jan07 Sell Lagoon City Sukuk 6m LIBOR + 2.25% / 5 Years
16-Jan-07 Sell Commercial Real Estate Sukuk 6m LIBOR + 1.25% / 5 Years
16-Jan-07 Sell Commercial Real Estate Sukuk 6m LIBOR + 1.25% / 5 Years
11-Jan-07 Sell Lagoon City Sukuk 6m LIBOR + 2.25% / 5 Years
Executed Trades for 2006 (US$ 113,000,000)
Trade Date Trade Type Name of Sukuk Sukuk Return / Tenor
14-Dec-06 Sell Emirates Airlines Sukuk 6m LIBOR + 0.75% / 7 Years
8-Oct-06 Sell Sharja Islamic Bank Sukuk 6m LIBOR + 0.65% / 5 Years
3-Oct-06 Sell Wings FZCO 6m LIBOR + 0.75% / 5 Years
3-Oct-06 Buy Wings FZCO 6m LIBOR + 0.75% / 5 Years
3-Oct-06 Sell DGSI 3m LIBOR + 0.45% / 5 Years
3-Oct-06 Buy DGSI 3m LIBOR + 0.45% / 5 Years
2-Oct-06 Buy Durrat Al Bahrain 3m LIBOR + 1.25% / 5 Years
24-May-06 Buy Emaar Ijara Sukuk 6m LIBOR + 0.70% / 5 Years
12-Jul-06 Sell Al Marfa’a Al Mali 3m LIBOR + 2.5% / 5 Years
12-Jul-06 Buy Al Marfa’a Al Mali 3m LIBOR + 2.5% / 5 Years
6-Jul-06 Sell Al Marfa’a Al Mali 3m LIBOR + 2.5% / 5 Years
6-Jul-06 Buy Al Marfa’a Al Mali 3m LIBOR + 2.5% / 5 Years
3-Jul-06 Sell Al Marfa’a Al Mali 3m LIBOR + 2.5% / 5 Years
3-Jul-06 Buy Al Marfa’a Al Mali 3m LIBOR + 2.5% / 5 Years
8-May-06 Buy Amlak Finance 6m LIBOR + 1.2% / 5 Years
27-Apr-06 Buy PCFC 7.125 – 10.125 % / 2 Years
6-April-06 Sell Commercial Real Estate Sukuk 6m LIBOR + 1.25% / 5 years
31-Mar-06 Buy Tabreed 5.5% fixed
31-Mar-06 Sell Al Marfa’a Al Mali Sukuk 3m LIBOR + 2.5% / 5 years
30-Mar-06 Sell Dubai Civil aviation 6m LIBOR + 0.45% / 4 years
28-Mar-06 Sell Dubai Civiaviation 6m LIBOR + 0.45% / 4 years
28-Feb-06 Sell Al Marfa’a Al Mali Sukuk 3m LIBOR + 2.5% / 5 years
29-Jan-06 Sell Govt. of Bahrain – BMA (Issue #12) Fixed 5.6% / 6 Years
29-Jan-06 Buy Govt. of Bahrain – BMA (Issue #12) Fixed 5.6% / 6 Years
03-Jan-06 Sell The Investment Dar Sukuk 6m LIBOR + 2.0% / 5 years
Executed Trades for 2005 (US$ 60,900,000)
Trade Date Trade Type Name of Sukuk Sukuk Return / Tenor
29-Dec-05 Buy The Investment Dar Sukuk 6m LIBOR + 2.0% / 5 years
29-Dec-05 Sell Dubai Civil Aviation Sukuk 6m LIBOR +0.45% / 5 years
14-Dec-05 Buy Emaar Ijara Sukuk 6m LIBOR + 0.7% / 5 years
14-Dec-05 Sell Emaar Ijara Sukuk 6m LIBOR + 0.7% / 5 years
01-Nov-05 Sell The Investment Dar Sukuk 6m LIBOR + 2.0% / 5 years
31-Oct-05 Buy The Investment Dar Sukuk 6m LIBOR + 2.0% / 5 years
03-Oct-05 Sell Al Marfa’a Al Mali Sukuk 3m LIBOR + 2.5% / 5 years
03-Oct-05 Buy Al Marfa’a Al Mali Sukuk 3m LIBOR + 2.5% / 5 years
06-Sep-05 Buy Commercial Real Estate Sukuk 6m LIBOR + 1.25% / 5 years
29-Aug-05 Sell Al Marfa’a Al Mali Sukuk 3m LIBOR + 2.5% / 5 years
29-Aug-05 Buy Al Marfa’a Al Mali Sukuk 3m LIBOR + 2.5% / 5 years

Source: Web.

The following list is sorted in alphabetical order with LMC administered Sukuk at the top:

Last Updated 7 May 2008

Issuer Maturity Date Return Issue Size (Source currency MM) Issue
Size (US$’MM equivalent)		 Rating/
Listing		 Indicative Price Indicative
Spread to
LIBOR /
SWAPS (bps)		 Size
($ MM)
Bid Offer Bid Offer Bid Offer
Lagoon City Sukuk 12-Dec-11 6m LIOBER+ 2.25% USD 200 200 CI: BBB+ 99.50 100.00 224 250 – –
Al Marfa’a
Al Mali (Corporate)		 26-Jul-10 3m LIBOR + 2.50% USD 134 134 – 99.75 100.35 261 237 – –
Durrat Al Bahrain Sukuk (Corporate) 25-Jan-10 3m LIBOR + 1.25% USD 152.5 152.5 – 99.00 100.00 173 125 – –
Emaar (Corporate) 6-Jul-09 6m LIBOR + 0.7% USD 65 65 – 99.25 100.25 118 50 – –
The Commercial Real Estate Sukuk (Corporate) 12-May-10 6m LIBOR + 1.25% USD 100 100 CI: A- 99.00 100.00 168 124 – 5
Govt. of Bahrain – BMA (Issue #7) 27-May-08 6m LIBOR + 0.60% USD 250 250 S&P: A- /
Bahrain		 100.12 100.35 40 -5 – –
Short Term Sukuk
Centre (Corporate) *		 Monthly
17-Jan-08		 5.1025 USD 268 268 – – – 10 5 – 5
* Backed by a pool of publicly offered Sukuk
Issuer Maturity Date Return Issue Size (Source currency MM) Issue
Size (US$’MM equivalent)		 Rating/
Listing		 Indicative Price Indicative Spread to LIBOR / SWAPS (bps) Size ($ MM)
Bid offer Bid Offer Bid Offer
Amlak Finance (Corporate) 18-Jul-10 6m LIBOR + 1.20% USD 200 200 – 99.00 100.00 198 124 – –
PCFC Sukuk
(Govt)		 23-Jan-08 Fixed 7.18% USD 3,500 3,500 – 117.00 117.75 – – – –
Dubai Global Sukuk
(Govt)		 4-Nov-09 6m LIBOR + 0.45% USD 1000 1000 Govt. rating applicable 99.75 100.35 60 28 – 5
Wings FZCO 15-Jun-12 6m LIBOR + 0.75% USD 550 550 Luxembourg 99.70 100.35 84 68 – 3
Gold Sukuk DMCC
(Corporate)		 6-May-10 6m LIBOR + 0.6% USD 200 200 CI: A- 99.00 100.25 103 50 – 2
Solidarity Trust (ISDB) 12-Aug-08 3.625% fixed USD 400 400 S&P: AAA Fitch: AA / Lubuan & Luxembourg 99.00 99.20 33 6 – –
IDB Trust Services (ISDB) 22-Jun-10 LIBOR + 0.12% USD 500 500 S&P: AAA Fitch: AA /
Luxembourg, Lubuan & Bahrain		 99.65 100.15 29 8 – –
Tabreed (Corporate) 2-Mar-09 5.5% fixed USD 100 100 Luxembourg 99.00 100.00 183 104 – –
Qatar Real Estate Inv. Co. 8-Aug-16 3m LIBOR + 1.20% USD 270 270 – 100.25 101.25 117 100
Ayan First Sukuk Co. 20-Sep-11 6m LIBOR + 2% USD 100 100 – 99.70 100.50 224 182 – –
NICBM Sukuk (Corporate) 18-Oct-11 LIBOR +1% USD 100 100 – 98.00 99.00 175 139 – –

Source: Web.

Main observations from various sukuks

  • The data reveal that there is a great demand for sukuks since 2001
  • There should be sound Shariah laws to manage the sector
  • Malaysia has the most active sukuks
  • The sector needs right frameworks of laws, regulations, and legal systems to support the growth
  • Most comprehensive data cover periods between 2001 and 2008

Reference

ALCLICK. (2009). Sukuk information and Sukuk market data. Web.

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