Analysis of the Sukuk Market. Dubai, April 25, 2007
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1 Analysis of the Sukuk Market Dubai, April 25, 2007
2 Overview Introduction What is a Sukuk? Types of Sukuk Composition of the Sukuk Market Breakdown of the Sukuk Market Expected Growth of the Sukuk Market
3 Introduction 1974 beginning of the first Islamic Financial Institution by the creation of the inter-governmental Islamic Development Bank (IDB) 2001 first GCC Sukuk issuance Bahrain Monetary Agency USD100 Million 2002 World s first Islamic global bond issue Federation of Malaysia USD600 Million
4 What is a Sukuk? A Sukuk is an Islamic Bond compliant with Shariah law, which pays a return based on tangible assets in lieu of an interest rate. Similarity with Conventional Bonds : Bonds contractually obligate the issuer to pay specific interest and principal to the bondholders meanwhile Sukuk holders are entitled to share in the proceeds of the realization of the Sukuk assets.
5 Types of Sukuk 14 Eligible Asset Classes according to AAOIFI are: SUKUK AL-IJARAH SUKUK IJARAH MOWSUFA BITHIMA SUKUK MANFAA IJARAH SUKUK MANFAA IJARAH MOWSUFA BITHIMA SUKUK MILKIYAT AL-KHADAMAT SUKUK AL-SALAM SUKUK AL-ISTISNA A SUKUK AL-MURABAHA SUKUK AL-MUSHARAKA SUKUK AL-MUDARABA SUKUK AL-WAKALA SUKUK AL-MUZRA A SUKUK AL-MUSAQA SUKUK AL-MUQARASA
6 Composition of the Sukuk Market Actual Size of the Market ~ USD 53 Billion Syndicated loans vs Conventional Sukuk: Banks vs Capital Markets Different client base Cheaper for issuer but not for investor Malaysia vs GCC Sukuk: Bay Al Dayn Underlying assets Convertible vs Plain Vanilla: USD 2 Billion+ and USD Million
7 Composition of the Sukuk Market Most popular types of Sukuk are: Ijarah: Sukuk that represent ownership of equal shares in a rented real estate or the usufruct of the real estate giving owners the right to own the real estate and receive the rent. 79 issues since 2001 / USD16.22 Billion Musharaka: Investment Sukuk that represent ownership of Musharaka equity and are used for mobilizing the fund for establishing a new project or developing an existing one or financing a business activity on the basis of partnership contracts. 24 issues since 2005 / USD 9.54 Billion
8 Composition of the Sukuk Market Mudaraba: Investment Sukuk that represent ownership of units of equal value in the Mudaraba equity and are registered in the names of holders on the basis of undivided ownership of shares in the Mudaraba equity and its returns according to the percentage of ownership share. 5 issues since 2003 / USD 3.41 Billion Murabaha: The issuer of the certificate is the seller of the Murabaha commodity while the subscribers are the buyers of that commodity, and the realized funds are the purchasing cost of the commodity. The negotiability of these Sukuk at the secondary market is not allowed by Shariah. 34 issues since 2001 / USD 2.60 Billion
9 Composition of the Sukuk Market Istisna a: Certificates that carry equal value and are issued with the aim of mobilizing the funds required for producing products that are owned by the certificate holders. 6 issues since 2005 / USD 875 Million
10 Composition of the Sukuk Market Size of Issues Since 2000 MUSHARAKA 10,170 MURABAHA 2,598 MUDARABA 3,414 ISTISNA'A 875 IJARAH 16, ,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 USD MILLION Source: Zawya, Sukuk monitor, Apr 07
11 Composition of the Sukuk Market 30,000 25,000 Sukuk Issues: Global Vs GCC 26,797 USD Million 20,000 15,000 10,000 12,065 10,687 5,000 0 Source: Zawya, IFIS, Apr 07 2, Year GCC SUKUK GLOBAL
12 Breakdown of the Sukuk Market Sovereign Sukuk: Qatar 10 USD 700 Million Pakistan 10 USD 600 Million Malaysia 07 USD 600 Million Next Sovereign Sukuk: Japan: The Japan Bank of International Cooperation Ijarah Sukuk, 2007: USD Million Indonesia: USD 500 Million Germany Pakistan Saudi Arabian Monetary Agency U.K
13 Breakdown of the Sukuk Market Largest Corporate Issues: PCFC: USD 3.5 Billion in 2006 Nakheel: USD 3.52 Billion in 2006 Al Dar: USD 2.53 Billion in 2007
14 Breakdown of the Sukuk Market 30,000 Sukuk Issues: Corporate Vs. Sovereign 25,000 24,526 USD Million 20,000 15,000 10,000 5, ,359 5,731 4,537 2, ,180 1, Year Source: IFIS, Apr 07 Corporate Sovereign
15 Expected Growth of the Sukuk Market Deals in the Pipeline: ADIB: USD 5 Billion, listed in London & UAE TAQA:USD 1 to 3 Billion listed in UAE Al-Baraka Banking Group USD 200 Million Rated BBB- by S&P Saad Trading USD 5 Billion over 20 years Diyaar Al Muharraq USD 200 Million MTC: USD 1.2 Billion Saudi Electricity Co. SAR 11 Billion by 2015
16 Expected Growth of the Sukuk Market Sukuk: Announced and Rumored USD Million 25,000 20,000 15,000 10,000 20,184 5, ,054 IJARAH Source: Zawya, Sukuk monitor, Apr 07 ISTISNA'A MUDARABA MURABAHA MUSHARAKA
17 Thank You
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