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IIFM Sukuk Report 2021 (10Th Edition)

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IIFM Sukuk Report 2021 (10Th Edition) YEARS OF RESEARCH SUKUK REPORT A COMPREHENSIVE STUDY OF THE GLOBAL SUKUK MARKET July 2021 | 10th Edition IIFM SUKUK REPORT 2021 About IIFM IIFM is a global standard-setting body of the Islamic Financial Services Industry (IFSI) focusing on standardisation of Shari’ah-compliant financial contracts and product templates. IIFM is hosted by the Central Bank of Bahrain (CBB) and was established under Royal Decree No (23) Year 2002 of the Kingdom of Bahrain as a neutral and non-profit international Islamic infrastructure institution created by the collective efforts of the CBB (former- ly Bahrain Monetary Agency), Islamic Development Bank, Bank Indonesia, Bank Negara Malaysia (delegated to Labuan Financial Services Authority), Central Bank of Sudan and Brunei Darussalam Central Bank (formerly Autoriti Monetari Brunei Darussalam). Besides the Founding and Permanent Members, IIFM Board of Directors consist of Islamic and international banks namely Kuwait Finance House, Dubai Islamic Bank, Saudi National Bank, Bank ABC Islamic, Gulf Finance House, Standard Chartered Saadiq, Credit Agricole CIB and National Bank of Kuwait. IIFM is also supported by certain regulatory and government bodies such as State Bank of Pakistan, National Bank of Kazakhstan and DIFC Authority as well as by a number of international and regional financial institutions and other market players active in Islamic finance. Mandate The core mandated area of IIFM to develop standardised Shari’ah-compliant Financial Documentation, Product Confirmations and Guidelines for the Islamic Financial Services Industry (IFSI). Value Proposition Focus on providing well defined services to the IFSI as follows: I. Publish practical and ready-to-use globally standardised Shari’ah-compliant Financial Documentation, Product Confirmations and related Guidance Notes which are supported with the IIFM Shari’ah Board approval “Pronouncements” as well as jurisdiction specific Legal Opinions II. Create industry awareness and share technical knowledge on IIFM Standards by organizing specialized seminars, technical workshops and standardisation specific industry consultative meetings III. Practical Training for Professionals on IIFM Published Standards IV. Publish annual Sukuk Report and periodic Concept Papers on specific topics IIFM Global Members IIFM Founding and Permanent Members Abu Dhabi Commercial Bank First Abu Dhabi Bank Abu Dhabi Islamic Bank First National Bank - Islamic Banking Ahli United Bank Gatehouse Bank Ajman Bank GFH Financial Group Al Baraka Banking Group Gulf International Bank Al Salam Bank International Islamic Trade Al Yusr Islamic Banking, Oman Arab Bank Finance Corporation Allen & Overy LLP Islamic Corporation for the Bahrain Islamic Bank Development of the Private Sector Central Bank Labuan Financial Bank ABC Islamic Islamic Development Bank of Bahrain Services Authority Bank AlJazira Ithmaar Bank Bank Indonesia Jordan Islamic Bank Bank Islam Brunei Darussalam Khaleeji Commercial Bank Bank Nizwa Khartoum Stock Exchange Bank of London and the Middle East Kuveyt Turk Participation Bank Bedford Row Capital Kuwait Finance House BNP Paribas Kuwait Finance House - Bahrain Boubyan bank Kuwait International Bank Islamic Central Bank Brunei Darussalam Central Bank Labuan Financial Services Authority Development of Sudan Central Bank of Bahrain National Bank of Fujairah Bank Central Bank of Sudan National Bank of Kazakhstan CIMB Islamic National Bank of Kuwait Citi Islamic Investment Bank NATIXIS Dubai Branch Commercial Bank of Dubai Al Islami OCBC Al-Amin Bank Berhad Crédit Agricole Corporate & Saudi National Bank Investment Bank Securities and Commodities Authori- DDCAP Limited ty, UAE Dubai International Financial Standard Chartered Saadiq Bank Brunei Darussalam Centre Authority State Bank of Pakistan Indonesia Central Bank Dubai Islamic Bank United Gulf Bank Eiger Trading Advisors Limited Ziraat Participation Bank Emirates Islamic Bank 06 IIFM SUKUK REPORT 2021 RESEARCH, DATABASE MAINTENANCE & REVIEW TEAM 07 IIFM SUKUK REPORT 2021 Disclaimer IIFM has prepared this publication for general information purposes only and this does not constitute an invitation or solicitation to purchase, subscribe for or sell any Sukuk or to engage in, lead into, conclude or refrain from engaging in any transaction. The information contained in this research report has been obtained from sources considered to be reliable. The Sukuk case studies presented are based on the author’s impression of the structure of the mentioned Sukuk on the basis of information derived from the prospectuses, term sheets and news briefs on the Sukuk. While every effort has been made to ensure its accuracy, IIFM or the author(s) makes no guarantee, representation or warranty as to its accuracy or completeness. IIFM or the author(s) of articles and case studies contained herein accept no liability whatsoever for any direct, indirect, consequential, or other damages and loss arising from any use of this publication. 08 IIFM SUKUK REPORT 2021 Abstract This research report examines the International and Domestic Sukuk market developments, structural preferences and other relevant factors based on verified Sukuk issuance data with particular focus on the year 2020. Sukuk market not only maintined its positive growth trajectory but posted the best year so far in terms of Sukuk issuances which clearly put Sukuk as one of the main driving forces of the industry, despite 2020 having been a challenging year. As always the case, the main objective of this publication is to create a deeper understanding of Sukuk market through indepth analysis of Sukuk issuances, key trends and other market developments. Despite the initial concern about the impact of COVID-19 on Islamic capital markets, particulalry Sukuk, contrary to the initial fears the Sukuk issuances during 2020 surpassed the year 2019 issuances. The global Sukuk market was well supported by the established and regular Sukuk issuing jurisidcitions particulalry Malaysia, Saudi Arabia, UAE, Bahrain, Indonesia, Turkey, Pakistan and Qatar while relatively new entrants namely Nigeria, Bangaldesh and few other jurisdictions or entities either increased or made debut Sukuk issuances in their domestic markets. The report also provides an overview of changing dynamics in the Sukuk market as well as it highlights the major International and Domestic issuances during 2020. The report also provides information on the outstanding Sukuk which is important from the secondary market development perspective. This can be used as a benchmark by all the industry stakeholders and decision makers, in particular, in new jurisdictions as well as regions which have a high concentration of the worlds Sukuk issuances such as GCC countries and Asia. 09 IIFM SUKUK REPORT 2021 Acknowledgement The publication of this research report is made possible due to sponsorship support by Eiger Trading Advisors Limited, GFH Financial Group, Dubai Islamic Bank, DDCAP Group, Bank ABC Islamic, Kuwait Finance House and Labuan Financial Services Authority. We would also like to express our gratitude and thanks to institutions for sharing their pearls of wisdom, knowledge and experiences during the course of preparation of this comprehensive research report. We are also grateful to individuals and industry stakeholders who provided insight, comments and expertise which helped us in improving the quality of this report. Indeed, this research report would not have seen light without the support and contribution of such institutions, individuals and the industry stakeholders who provide us with invaluable information that helped us to complete this task through various stages. We are extremely thankful in particular to Security Commission Malaysia, State Bank of Pakistan, Bank Indonesia, Central Bank of Bahrain, Brunei Darussalam Central Bank, Capital Markets Board of Turkey and Central Bank of Sudan for helping us in the Sukuk issuance data verification process. We take this opportunity to express our profound gratitude and deep regards to the Central Bank of Bahrain (CBB) for its constant and continued support. We would also like to acknowledge IIFM Board of Directors, Founding Members and Members institutions for their unwavering and unreserved support to IIFM in its industry development endeavours. Lastly, IIFM is very much thankful to its research team for their review and valuable contribution to this research report. 10 IIFM SUKUK REPORT 2021 In the Name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah. Peace and Blessings be upon our Prophet Muhammad, His Family and all His Companions CHAIRMAN’S FOREWORD Khalid Hamad Al-Hamad CHAIRMAN – IIFM It gives me great pleasure to present to you this 10th Anniversary Edition of IIFM Sukuk Report which is made possible by the dedication of the IIFM research team, Sukuk case studies & article contributions from the leading financial institutions, the country focus reports from the member countries’ regulators and last but not least, the valuable support from all the sponsors that made the production of this report possible. During this ten-year period, the report has become well established as a vital source of information on the global Sukuk market. As the case in previous editions, this 10th Edition contains key statistics and trend analysis on various Sukuk issuing jurisdictions which are not easily available in a consolidated form. Furthermore, contributions in form of case studies on landmark and notable Sukuk issuances, Sukuk related articles on topics
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