104
GREs during and after the GFC in 2007-2009, as highlighted earlier. As at end-June 2017,
private sector sukuk issuance only came up to USD3.23 billion (26% of total corporate bonds)
compared to USD9.21 billion of conventional issuances, as shown in Chart 4.24.
Chart 4.24: UAE Corporate Sukuk vs Conventional Issuance (2006-June 2017)
Source: Bloomberg
4.3.3 ANALYSIS OF SUKUK STRUCTURES, ISSUANCE AND INVESTMENT
Analysis of Sukuk Structures
Since the UAE does not have any centralized Shariah authority (as at Dec-2017), sovereign and
corporate issuers have the liberty to choose from an array of approved Shariah contracts
outlined by the AAOIFI in its Shariah Standards No. 17 on Investment Sukuk to develop their
sukuk structures. While governments have issued a combination of ijarah and wakalah bil
istithmar sukuk, corporates have undertaken more diversified structures, as depicted in Chart
4.25.