{"id":643898,"date":"2024-09-17T00:00:00","date_gmt":"2024-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/islamic-bond-market-may-see-shift-from-asset-based-to-equity-like-sukuk\/"},"modified":"2024-09-17T00:00:00","modified_gmt":"2024-09-17T00:00:00","slug":"islamic-bond-market-may-see-shift-from-asset-based-to-equity-like-sukuk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/islamic-bond-market-may-see-shift-from-asset-based-to-equity-like-sukuk\/","title":{"rendered":"Islamic bond market may see shift from asset-based to equity-like sukuk"},"content":{"rendered":"

Sukuk shake-up in the works?<\/strong> The normally steady Islamic bond market may be gearing up for a major overhaul as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI<\/a>) reviews a proposal that could shift sukuk from asset-based debt instruments to equity-like, asset-backed ones, IFR<\/a> reports.<\/p>\n

Background:<\/strong> First proposed in November 2023, the draft for Sharia Standard 62 has been in the feedback stage, with the deadline extended twice \u2014 most recently to 31 July. There has been no update yet on a third extension.<\/p>\n

What\u2019s the difference? <\/strong>Currently, the structure of sukuk differs from bonds as they rely on an underlying asset, commonly real estate, to generate returns. The new standard, on the other hand, would give sukuk holders asset ownership, exposing them to risks like defaults. Investors would need to assess \u201cthe credit risk of the asset, rather than the credit risk of the obligor,\u201d said Bashar Al Natoor, global head of Islamic finance at Fitch Ratings.<\/p>\n

Issuers would also bear more risk:<\/strong> Issuers could face added costs from asset transfers and legal documentation, in addition to the fact that they tend to prefer retaining full control over their assets, according to a Baker McKenzie<\/a> report. This shift could fragment the market or delay new sukuk issuances until a more balanced structure emerges, S&P said in a report<\/a>. <\/p>\n

Some markets could push back: <\/strong>AAOIFI\u2019s standards are mandatory in countries like the UAE, Qatar, and Bahrain, but some markets might resist. UAE banks, with one of the largest sukuk markets globally, could reject the standard if it restricts liquidity access, IFR notes. This could also mean that the AAOFI\u2019s guidelines could begin to be sidelined, with parallel markets emerging and the AAOFI potentially becoming obsolete, Mehdi Popotte, fixed-income portfolio manager at Arqaam Capital said. <\/p>\n

GCC sukuk are having a moment: <\/strong>This comes as GCC sukuk are seeing their longest winning streak since early 2021, with 11 consecutive weeks of gains, according to Bloomberg\u2019s<\/a> GCC sukuk gauge. With expectations of a US Fed rate cut, investors are flocking to GCC bonds and sukuk, which have outperformed global bonds this year, the business information service reports.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

It\u2019s another mixed morning for Asia-Pacific markets<\/strong> \u2014 tracking similar movements over on Wall Street as investors prepare for the Federal Reserve to make a rate cut decision in its meeting today and tomorrow. Japan\u2019s Nikkei is down 0.4%, while the Topix is down 0.3%. Meanwhile, markets in South Korea, mainland China, and Taiwan are closed for the mid-Autumn festival. <\/p>\n

Wall Street futures were again flat<\/strong>, with the Nasdaq adding less than 0.1% and S&P 500 futures hovering near the flatline. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,260<\/p>\n<\/td>\n

\n

-0.8% (YTD: +21.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.36<\/p>\n<\/td>\n

\n

Sell 48.50<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.37<\/p>\n<\/td>\n

\n

Sell 48.47<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,867<\/p>\n<\/td>\n

\n

-0.3% (YTD: -0.8)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,389<\/p>\n<\/td>\n

\n

+0.4% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,395<\/p>\n<\/td>\n

\n

+0.3% (YTD: +8.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,633<\/p>\n<\/td>\n

\n

+0.1% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,278<\/p>\n<\/td>\n

\n

+0.1% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,828<\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 72.94<\/p>\n<\/td>\n

\n

+1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.37<\/p>\n<\/td>\n

\n

+3.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,608.90<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 57,855.20<\/p>\n<\/td>\n

\n

-3.0% (YTD: +36.5%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 3.6 bn (6.9% below the 90-day average). Regional investors were the sole net sellers. The index is up 21.6% YTD.<\/p>\n

In the green: <\/strong>Heliopolis Housing (+2.5%), E-finance (+2.4%), and Juhayna (+1.7%).<\/p>\n

In the red: <\/strong>Egypt Kuwait Holding -USD (-3.7%), Emaar Misr (-3.3%), TMG Holding (-2.4%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

CI Capital will introduce a cash incentive scheme<\/strong> for employees, executive board members, and its subsidiaries after its board greenlit the move in principle, according to an EGX disclosure (pdf)<\/a>. The scheme will allocate 3% of the company\u2019s fair value for the FY ending in 2025 and will be paid in EGP after 31 December 2025. <\/p>\n","protected":false},"excerpt":{"rendered":"

Sukuk differ from bonds as they rely on an underlying asset to generate returns<\/p>\n","protected":false},"author":1,"featured_media":643899,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,2337,122,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-islamic-finance","tag-planet-finance","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"28c14c1b-fc4f-4eab-b6c8-3a26b4cb9a80","order":"15","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1261.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Islamic bond market may see shift from asset-based to equity-like sukuk","related_issue":[643872],"teaser":"Sukuk differ from bonds as they rely on an underlying asset to generate returns","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.03c1c975-03dd-4b94-a750-1f15287fd189.mp3"},"yoast_head":"\nIslamic bond market may see shift from asset-based to equity-like sukuk - 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Consumer- and structured-finance player Sarwa Capital recently closed Egypt\u2019s second corporate sukuk issuance since the debt instrument was introduced to the country. The EGP 2.5 bn sale also set a record for the largest yet in the young segment, surpassing Talaat Moustafa Group\u2019s EGP 2 bn offering\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/158.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":666337,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/","url_meta":{"origin":643898,"position":1},"title":"Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market","author":"enterpriseam admin","date":"2 June 2025","format":false,"excerpt":"Standard 62\u2019s ownership amendments would see sukuk more closely resemble an equity investment","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2390.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581756,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/","url_meta":{"origin":643898,"position":2},"title":"Egypt\u2019s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed","author":"enterpriseam admin","date":"23 February 2023","format":false,"excerpt":"Egypt closes USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance yesterday morning, it said in a statement. The USD 1.5 bn issuance was c.4x oversubscribed, attracting an order book of USD 6.1 bn, the ministry said. This narrowed the final yield to 10.875% from\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599272,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/two-companies-express-interest-in-issuing-sukuk-to-fra\/","url_meta":{"origin":643898,"position":3},"title":"Two companies express interest in issuing sukuk to FRA","author":"enterpriseam admin","date":"24 June 2019","format":false,"excerpt":"Are we on the cusp of a sukuk issuance spree? Two unnamed companies partially owned by the government have expressed their interest in issuing shariah-compliant sukuk bonds to finance new projects this year, sources tell Al Mal. One issuance would be worth EGP 1 bn, while the value of the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570729,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/","url_meta":{"origin":643898,"position":4},"title":"Egyptian state-owned banks snap up TMG sukuk issuance","author":"enterpriseam admin","date":"13 April 2020","format":false,"excerpt":"State-owned banks snap up TMG sukuk issuance: Three state-owned banks have taken 97.25% of the EGP 2 bn of sukuk issued by Talaat Moustafa Group last week, Al Mal reports, citing unnamed informed sources. Banque Misr and Banque du Caire each bought EGP 725 mn of the securities and Suez\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569373,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/23\/egypt-inches-closer-to-maiden-sukuk-issuance-as-finmin-completes-sukuk-act\/","url_meta":{"origin":643898,"position":5},"title":"Egypt inches closer to maiden sukuk issuance as FinMin completes Sukuk Act","author":"enterpriseam admin","date":"23 February 2020","format":false,"excerpt":"LEGISLATION WATCH- Egypt inches closer to maiden sukuk issuance as FinMin completes Sukuk Act: The Finance Ministry has completed the drafting of the Sovereign Sukuk Act and passed it to cabinet for review, an official draft suggests (pdf). Cabinet will, after approving the legislation, send it to the House of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=643898"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643898\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643899"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643898"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643898"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}