Updated: Jul 31st, 2024

Sukuk Data: Public Sukuks, Issuance by Industry Coursework

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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

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 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	Tenor Medium-term
	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

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

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

Source: McKinsey and Company, World Islamic Banking Competitiveness Report, 2007 to 2008

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 1^st 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	26^thMarch 2007	14^thDecember 2006	07^thDecember 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)
Issuer	Maturity Date	Return	Issue Size (Source currency MM)	Issue Size (US$’MM equivalent)	Rating/ Listing	Bid	Offer	Bid	Offer	Bid	Offer
Lagoon City Sukuk	12-Dec-11	6m LIOBER+ 2.25%	USD 200	200	CI: BBB+	99.50	100.00	224	250	–	–
Al Marfa’a Al Mali (Corporate)	26-Jul-10	3m LIBOR + 2.50%	USD 134	134	–	99.75	100.35	261	237	–	–
Durrat Al Bahrain Sukuk (Corporate)	25-Jan-10	3m LIBOR + 1.25%	USD 152.5	152.5	–	99.00	100.00	173	125	–	–
Emaar (Corporate)	6-Jul-09	6m LIBOR + 0.7%	USD 65	65	–	99.25	100.25	118	50	–	–
The Commercial Real Estate Sukuk (Corporate)	12-May-10	6m LIBOR + 1.25%	USD 100	100	CI: A-	99.00	100.00	168	124	–	5
Govt. of Bahrain – BMA (Issue #7)	27-May-08	6m LIBOR + 0.60%	USD 250	250	S&P: A- / Bahrain	100.12	100.35	40	-5	–	–
Short Term Sukuk Centre (Corporate) *	Monthly 17-Jan-08	5.1025	USD 268	268	–	–	–	10	5	–	5
* Backed by a pool of publicly offered Sukuk
Issuer	Maturity Date	Return	Issue Size (Source currency MM)	Issue Size (US$’MM equivalent)	Rating/ Listing	Indicative Price		Indicative Spread to LIBOR / SWAPS (bps)		Size ($ MM)
Issuer	Maturity Date	Return	Issue Size (Source currency MM)	Issue Size (US$’MM equivalent)	Rating/ Listing	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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