{"id":89726,"date":"2024-09-17T00:00:00","date_gmt":"2024-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/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\/ksa\/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\n
\n

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

TASI<\/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

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,477<\/p>\n<\/td>\n

\n

-0.1% (YTD: -4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

25,734<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

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

Interest rates<\/strong><\/p>\n<\/td>\n

\n

6.5% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\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

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<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI <\/strong>fell 0.3% yesterday <\/strong>on turnover of SAR 5.4 bn. The index is down 0.8% YTD.<\/p>\n

In the green:<\/strong> Al Baha (+5.9%), Riyadh Cement (+4.5%) and Rasan (+4.3%).<\/p>\n

In the red: <\/strong>Sfico (-5.3%), Saico (-4.6%) and MedGulf (-4.1%).<\/p>\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> fell 0.1% yesterday <\/strong>on turnover of SAR 32.7 mn. The index is up +4.9% YTD.<\/p>\n

In the green:<\/strong> Al Modawat (+11.2%), Meyar (+8.1%) and Apico (+7.4%).<\/p>\n

In the red:<\/strong> Azm (-4.6%), Qomel (-4.3%) and Al Rasheed (-4.3%)<\/p>\n

CORPORATE ACTIONS-<\/p>\n

Savola Group\u2019s <\/strong>SAR 6 bn rights issue<\/a><\/strong> was 94.2% subscribed,<\/strong> with the remaining 35.1 mn shares placed in a rump sale on Sunday, according to Zawya<\/a> citing the International Financing Review<\/a>. The shares were offered at SAR 10 each on a 1.12-for-1 basis and traded between SAR 26.6 and SAR 28.2 during the subscription period. The offering was two-thirds underwritten by Riyad Capital and one-third by ANB Capital. Post-issuance, Savola plans to distribute its 34.5% stake in Almarai, valued at SAR 18.6 bn.<\/p>\n

Paper Home\u2019s board recommended offloading assets worth SAR 29.3 mn<\/strong>, it said in a disclosure to Tadawul<\/a>. The transactions proposed include two agricultural land plot sales to the company\u2019s chairman Yaqoub Al Mughrabi for SAR 7.1 mn and SAR 7 mn, in addition to a separate SAR 15.1 mn sale of company branch United Industrial Refreshments. <\/p>\n

Egypt-born Ades Holding will distribute dividends of SAR 237.5 mn at SAR 0.2 apiece for<\/strong> 1H 2024<\/strong> on 1 October, it said in a disclosure to Tadawul<\/a>.<\/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":89727,"comment_status":"","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":[2565],"tags":[10,55,59,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-financial-markets","tag-planet-finance","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"6963bf8d-c12c-4b6b-bf86-4b8d894c566d","order":"10","is_powered_by":false,"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":[89707],"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\/.06ab0597-34d7-40f6-9e93-1affdce0879a.mp3"},"yoast_head":"\nIslamic bond market may see shift from asset-based to equity-like sukuk - 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