105
Chart 4.25: UAE Corporate Sukuk Issuance by Type of Shariah Contract (2006-June 2017)
Source: Bloomberg
UAE issuers stand among the global key players that have been actively issuing benchmark
sukuk, with quite a few ”world’s first” innovative structures. Table 4.9 provides a snapshot of
some benchmark corporate sukuk issuances in the UAE.
Table 4.9: A Snapshot of Benchmark Corporate Sukuk Issuances in the UAE
Abu Dhabi Islamic
(ADIB) sukuk 2012
Medjool sukuk 2013 Khadrawy sukuk
2015
Sukuk issuer ADIB Capital Invest
1 Ltd
Medjool Limited Khadrawy Limited
Originator/
Obligor
Abu Dhabi Islamic
Bank
Emirates airline Emirates airline
Currency format USD USD USD
Structure Mudarabah Wakalah Ijarah
Credit ratings A2/―/A+ n/a n/a
Sukuk assets General business of
ADIB
Rights to travel Rights to travel and all
services ordinarily
provided by Emirates
to passengers, except
any service relating to
the sale of alcohol, pork
or tobacco-related
products.
Purpose Raising Tier-1
capital.
General corporate
purposes including, but not
limited to, the financing of
aircraft and working-
capital requirements.
To purchase 4 new
Airbus A380-800
aircraft.
Issuance date 19 November 2012 19 March 2013 31 March 2015
Tenure 6 years 10 years 10 years
Maturity 16 October 2018 19 March 2023 31 March 2025