{"id":666337,"date":"2025-06-02T00:00:00","date_gmt":"2025-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/"},"modified":"2025-06-02T00:00:00","modified_gmt":"2025-06-02T00:00:00","slug":"proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/","title":{"rendered":"Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market"},"content":{"rendered":"

Planned sukuk reforms could fracture a USD 1 tn market: <\/strong>A proposed overhaul to Shariah<\/a>Standard 62<\/a> by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is raising concerns across the Islamic finance sector, with market players warning it could destabilize the sukuk market \u2014 a major funding source across the MENA region and beyond, the Financial Times<\/a> reports. Recent estimates see global sukuk volumes surpassing USD 1 tn in 2025<\/a>, having represented 12% of all emerging market USD-denominated debt in 2024 and 25% of total USD debt capital market issuances in the GCC, Malaysia, Indonesia, Turkey, and Pakistan.<\/p>\n

The planned revisions aim to make sukuk less like conventional interest-bearing debt<\/strong>, and more in line with Islamic shariah principles. It would mean moving from an asset-based model to a stricter asset-backed structure, where sukuk holders would gain full legal ownership of the underlying assets and expose them to additional risks like defaults. It could also increase costs and red tape for issuers through additional asset transfer and legal documentation.<\/p>\n

The returns: <\/strong>Currently, sukuk holders receive periodic distributions and their initial investment back at maturity, while the asset itself stays under the issuer\u2019s name. Under the new setup, the asset might be transferred to a special purpose vehicle controlled by investors who would get monthly returns and eventually resell the asset to the issuer. <\/p>\n

The shift could blur the line between sukuk and an equity investment<\/strong>, potentially making them less attractive to investors seeking shariah-compliant fixed-income instruments. It also presents practical challenges for major issuers like the UAE, Saudi Arabia, and Indonesia, where handing over legal ownership of state assets can be difficult.<\/p>\n

The number of foreigners holding sukuk could also dip<\/strong> on the back of legal restrictions regarding the ownership of property and land. Uneven application across jurisdictions could also lead to fragmented practices, greater legal ambiguity, and reduced market liquidity. <\/p>\n

Fitch Ratings warned <\/strong>last March<\/a><\/strong> that the proposed sukuk could fall outside the scope of traditional credit rating system<\/strong>s \u2014 a red flag for institutional investors like sovereign wealth funds that depend on rated instruments to allocate capital.<\/p>\n

Currently the AAOIFI is still consulting stakeholders<\/strong>, with the finalized standard expected sometime in 2025. Many advocate for a gradual rollout, dialogue with rating agencies to ensure sukuk remain viable for institutional portfolios, and flexibility to make legal amendments if needed.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

It\u2019s a sea of red across Asian markets this morning<\/strong>, following an announcement from US President Donald Trump at the end of last week that steel import tariffs will be doubled to 50% as of this Wednesday. South Korea\u2019s Kospi is timidly in the green in early morning trading, while the Nikkei and Hang Seng are down. Futures suggest markets across Europe and North America will follow suit at the opening bell later today.<\/p>\n

\n\n\n\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

32,500<\/p>\n<\/td>\n

\n

-0.6% (YTD: +9.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.63<\/p>\n<\/td>\n

\n

Sell 49.77<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.68<\/p>\n<\/td>\n

\n

Sell 49.78<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

24.00% deposit<\/p>\n<\/td>\n

\n

25.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,825<\/p>\n<\/td>\n

\n

-1.5% (YTD: -10.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9685<\/p>\n<\/td>\n

\n

-0.6% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5481<\/p>\n<\/td>\n

\n

-0.2% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5912<\/p>\n<\/td>\n

\n

-0.01% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8772<\/p>\n<\/td>\n

\n

+0.6% (YTD: +7.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5367<\/p>\n<\/td>\n

\n

-0.1% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63.87<\/p>\n<\/td>\n

\n

+1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.53<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3315.40<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 105,170.50<\/p>\n<\/td>\n

\n

+0.3% (YTD: +12.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

EGP 875.67<\/p>\n<\/td>\n

\n

+0.1% (YTD: +12.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

143.56<\/p>\n<\/td>\n

\n

+0.1% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

18.57<\/p>\n<\/td>\n

\n

-3.2% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 4.2 bn (11.4% below the 90-day average). International investors were the sole net buyers. The index is up 9.3% YTD.<\/p>\n

In the green:<\/strong> GB Corp (+5.6%), TMG Holding (+3.5%), and Telecom Egypt (+2.4%).<\/p>\n

In the red:<\/strong> EFG Holding (-3.1%), CIB (-2.7%), and Eastern Company (-2.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Standard 62\u2019s ownership amendments would see sukuk more closely resemble an equity investment<\/p>\n","protected":false},"author":1,"featured_media":666338,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[72,119,905,2337,122,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-666337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-fitch-ratings","tag-islamic-finance","tag-planet-finance","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"aaf3a2d3-9cc9-4bf9-8cf9-41d1203935de","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2390.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market","related_issue":[666314],"teaser":"Standard 62\u2019s ownership amendments would see sukuk more closely resemble an equity investment","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.cfcea7bd-443a-41ae-babd-e7097cfd3538.mp3"},"yoast_head":"\nProposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market\" \/>\n<meta property=\"og:description\" content=\"Standard 62\u2019s ownership amendments would see sukuk more closely resemble an equity investment\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-02T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2390.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market\",\"datePublished\":\"2025-06-02T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/\"},\"wordCount\":597,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2390.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Financial Markets\",\"Fitch Ratings\",\"Islamic finance\",\"Planet Finance\",\"sukuk\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/02\/proposed-sukuk-reforms-may-risk-fracturing-usd-1-tn-islamic-debt-market\/\",\"name\":\"Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market - 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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":581756,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/","url_meta":{"origin":666337,"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. 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