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Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk
Euromoney Institutional Investor, June 2004, Pages: 178
Sukuk are the crest of a new wave of innovation in Islamic finance.
This comprehensive guide will ensure that you understand:
- The nature of sukuk, how they differ from Western bonds, and the development of the sovereign and corporate sukuk market
- How to structure sukuk transactions, including eligible assets, investment vehicles, undertakings and credit enhancement
- Sovereign sukuk applications including MBS, project finance and B.O.T.
- Applications in leasing finance, hedging and risk transference, banking and liquidity management, real estate and REITs
- Regulation, legal and taxation issues
The full potential of sukuk range of securities is far from realised. Find out how the market has and continues to develop to open new investor and issuer universes.
'Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk' is a commendable work, which will surely inspire practitioners as well as academics and researchers alike.' - From the Foreword by Khalid Abdulla Al Bassam, Deputy Governor, Bahrain Monetary Agency
Topics covered include:
- Introduction to Shari'a-based rules and issues that drive Islamic investment and how these have facilitated the development of modern financial instruments applying classical Islamic concepts.
- Description of sukuk including AAOIFI's 14 sukuk structures embodied in their Investment Sukuk Standards and explains how these structures developed to meet Islamic transactional rules relating to asset possession, measurement and transfer and explains how they are consistent with Western securities rules.
- How Islamic and Western financial concepts are being applied to allow for the issuance of sukuk and those sovereign issues that allow for open market operations, liquidity management and balance sheet management.
- Includes details and transaction highlights of recently-issued sovereign sukuk and opportunities in other sovereign markets
- The development of US Islamic mortgage market and investment opportunities in MBS-type structures
- Applications of sukuk in securitisation-type and project finance structures, and future applications such as B.O.T. transactions
- Applications in leasing finance, hedging and risk transference, banking and liquidity management including descriptions of how to structure transactions for real estate including the residential US market and REITs
- Regulatory issues including the treatment of sukuk for capital adequacy, issues in choice of law, taxation issues for issuers and investors in the UK and US, settlement issues and the approach of rating agencies
- View to the future of sukuk in the global financial arena.
The book is essential reading for both those unfamiliar with Islamic finance applications, and includes advanced structures for those involved in structuring sovereign or corporate sukuk issues.
About the Author
Nathif J. Adam is head of investments and financial institutions at the National Bank of Sharjah. Born in Kenya, Nathif has over 20 years of diversified retail, wholesale, investment and Islamic banking experience. He started his banking career with Kenya Commercial Bank in Nairobi and moved in 1985 to Al Rajhi Banking and Investment Corporation in Riyadh, Saudi Arabia, where he worked in different capacities within the bank, including as a treasury dealer.
In 1991, he moved to Qatar Islamic Bank (QIB) in Doha, Qatar, and after a successful assignment as the deputy head of the trade finance department was moved to the international investments and foreign relations division of the bank. While there he had responsibility for product development and for overseeing the bank's diverse, multi-million dollar foreign investments in real estate, leasing portfolios, securities and trade. On several occasions he acted in the capacity of assistant general manager in charge of the division. In 2000, he was instrumental in the formation of QIB's funds and portfolio department and had first hand responsibility for structuring and launching the bank's first four investment funds: a UK real estate fund, a US real estate fund, a global equity fund and a capital guaranteed equity fund.
In 2002, the National Bank of Sharjah in the United Arab Emirates was being converted from a conventional to an Islamic bank. At this time, Nathif joined the bank to undertake the formation of its investments division, which is now responsible for the bank's structured finance business, asset management activities and cross-border investments. He is also responsible for the bank's institutional (correspondent banking) relations.
Nathif has written various newspaper articles on Islamic banking and finance and is also a regular presenter at Islamic banking conferences and seminars on topical issues about the industry. He is an associate of the Chartered Institute of Bankers (ACIB) in the United Kingdom and is undertaking an MBA from Heriot-Watt University in Scotland.
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