{"id":104243,"date":"2025-06-02T00:00:00","date_gmt":"2025-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/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\/uae\/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

\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
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<\/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

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

\n

4,492<\/p>\n<\/td>\n

\n

-1.2% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

\n

Buy 3.67<\/p>\n<\/td>\n

\n

Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4.0% o\/n<\/p>\n<\/td>\n

\n

4.2% 1 yr<\/p>\n<\/td>\n<\/tr>\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: -10.2%)<\/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

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

Chimera JP Morgan UAE Bond UCITS ETF<\/strong><\/p>\n<\/td>\n

\n

AED 3.65<\/p>\n<\/td>\n

\n

+0.0% (YTD: +2.4%)<\/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

143.56<\/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<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The DFM fell 0.2% on Friday<\/strong> on turnover of AED 3.6 bn. The index is up 6.2% YTD.<\/p>\n

In the green: <\/strong>Amlak Finance (+14.3%), Dubai Refreshment Company (+10.9%) and Emirates Investment Bank (+6.0%).<\/p>\n

In the red: <\/strong>Amanat Holdings (-2.8%), Emirates Central Cooling Systems Corporation (-2.5%) and Emirates NBD (-2.4%). <\/p>\n

Over on the ADX<\/strong>, the index fell 0.6% on turnover of AED 4.6 bn. Meanwhile, Nasdaq Dubai fell 1.2%.<\/p>\n

CORPORATE ACTIONS-<\/strong><\/p>\n

Fertiglobe <\/strong>purchased 600k of its shares on the ADX<\/strong>, according to an ADX disclosure (pdf)<\/a>. The shares represent 0.0072% of issued capital and were acquired at an average price of AED 2.48 per share. <\/p>\n

IN CONTEXT- <\/strong>This transaction is part of a buyback program approved in May<\/a> to buy back up to 2.5% of its issued shares. To date, Fertiglobe has bought back 38.8 mn shares, or 0.4674% of its issued capital.<\/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":104244,"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":[1553],"tags":[7,48,693,482,50,2335,66],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-104243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-uae","tag-financial-markets","tag-fitch-ratings","tag-islamic-finance","tag-planet-finance","tag-saudi-arabic","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"d8ae4dca-8b35-4f48-9c53-285d18ce6131","order":"10","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":[104225],"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\/.69015e96-524a-413f-b412-e3c25763af6e.mp3"},"yoast_head":"\nProposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market - 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