{"id":97624,"date":"2025-06-02T00:00:00","date_gmt":"2025-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/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\/ksa\/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 (SPV) 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

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

\n

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

\n

-1.5% (YTD: -10.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

1,382<\/p>\n<\/td>\n

\n

-1.6% (YTD: -8.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

26,669<\/p>\n<\/td>\n

\n

-0.5% (YTD: -15.3%)<\/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

5.0% repo <\/p>\n<\/td>\n

\n

4.5% reverse repo<\/p>\n<\/td>\n<\/tr>\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

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

\n

9,685<\/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

5,481<\/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

Sukuk\/bond market index<\/strong><\/p>\n<\/td>\n

\n

914.4<\/p>\n<\/td>\n

\n

+0.1% (YTD: +1.4%)<\/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

143.6<\/p>\n<\/td>\n

\n

+0.1% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

VIX (Fear gauge)<\/strong><\/p>\n<\/td>\n

\n

18.6<\/p>\n<\/td>\n

\n

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

\n

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

The TASI <\/strong>fell 1.5% yesterday<\/strong> on turnover of SAR 4.3 bn. The index is down 10.1% YTD.<\/p>\n

In the green:<\/strong> Emaar Ec (+3.9%), Sinad Holding (+2.6%) and Alkhaliej Trng (+2.2%).<\/p>\n

In the red: <\/strong>Ucic (-9.3%), Raydan (-8.0%) and Mcdc (-7.0%).<\/p>\n

\n

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

The NomuC<\/strong> fell 0.5% yesterday<\/strong> on turnover of SAR 50.4 mn. The index is down 15.3% YTD.<\/p>\n

In the green:<\/strong> Drc (+13.0%), Future Care (+9.3%) and Spc (+7.1%).<\/p>\n

In the red:<\/strong> Amwaj International (-9.8%), Fad (-9.4%) and Dar Almarkabah (-9.3%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Gulf Ins. Grou<\/strong>p\u2019s <\/strong>general assembly <\/strong>approved a SAR 63 mn dividend distribution <\/strong>at SAR <\/strong>1.2 per <\/strong>share <\/strong>for FY<\/strong> 2024<\/strong>, according to a disclosure to Tadawul (pdf)<\/a>. The distribution date is set for 25 June.<\/p>\n

Mulkia Inv<\/strong>estment Company\u2019s general assembly approved a SAR 16.25 mn dividend <\/strong>distribution <\/strong>at SAR 2.5 per share <\/strong>for<\/strong> FY 2024<\/strong>, according to a disclosure to Tadawul<\/a>. The distribution date is set for 18 June.<\/p>\n

Twareat<\/strong> Medical Care (TMC) greenlit a SAR 10 mn dividend payout at SAR 0.25 apiece for <\/strong>FY 2024 at its latest general assembly<\/strong>, it said in a disclosure to Tadawul<\/a>. The distribution date is set for 18 June.<\/p>\n

Dallah He<\/strong>althcare\u2019s board decided to move ahead with a SAR 50.6 mn dividend <\/strong>distribution at SAR <\/strong>0.5 apiece for 1Q 2025<\/strong>, it said in a disclosure to Tadawul<\/a>. The distribution date is set for 29 June. <\/p>\n

Miahon<\/strong>a\u2019s top brass r<\/strong>ecommended a SAR 16 mn dividend payout at SAR 0.1 per share <\/strong>for FY 2024<\/strong>, it said in a disclosure to Tadawul<\/a>. The distribution date is yet to be announced.<\/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":97625,"comment_status":"","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":[2565],"tags":[10,55,307,59,4318,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-financial-markets","tag-fitch-ratings","tag-planet-finance","tag-saudi-arabic","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"884d2acf-9fda-4ac4-a637-bf72a742912e","order":"13","is_powered_by":false,"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":[97600],"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\/.3ebe9101-b7ee-4495-baad-27312dc42bb0.mp3"},"yoast_head":"\nProposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market - 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