144
Figure 4.14: Regulatory and Fiscal initiatives to Develop Corporate Bond Issuance
ax neutral ty
ro ded or all
su u structures
t a la
a end ent
o un ue
on ortgage
co ered bond
er es III
o
o un ue
on asset
bac ed
secur t es
er es III
o
taxeson
B andI
reg strat on ees
el nated
o un ue
regard ngdebt
secur t es
er es II
o
o b n ng
ar ousdebt
secur t es
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unders ngle
rul ng er es
III o
o un ueon
r nc les
regard ngasset
co ered
secur t es
er es III
o
o un ue
on lease
cert cates
er es III
o
t old ng
taxes
reducedto
e u alent
to
go ern ent
bonds
B A
gu del neto
allo ur s
ban s to ssue
bonds
o un ueon
t e r nc les
regard ng ara
cert catesand
A s er es III
o
ax A nesty
a a
o to
allo tax
neutral ty or
lease
cert cates
ett ng u
a robust
regulatory
ra e or
A end entto
t e a on
egulat ng
ubl c nance
and ebt
anage ent
a o
cut n ees by
B to ncent se
cor orate su u
ssuance
anges
t
regardsto
taxat on
and ees to
lo er
ssuance
costs
Sources: CMB, BRSA
*Note: In June 2016, CMB announced a 50% discount in registration fees which are charged from public offerings,
sukuk issuances and issuances of real-estate certificates (Source: Growth Strategy Update 2016).
4.5.3 ANALYSIS OF SUKUK STRUCTURES, ISSUANCE AND INVESTMENT
Analysis of Sukuk Structures
Availability of eligible assets remains at the forefront in driving the choice of sukuk structures.
For sovereign and private sector sukuk, issuances have been mostly structured based on the
wakalah and ijarah concepts (refer Table 4.22). Figure 4.15 delineates the types of sukuk
structures approved by the Communiqué.
Table 4.22: Turkish Private Sector’s Sukuk Issuance by Type of Shariah Structure
Type of sukuk structure/ (USD million) 2013 2014 2015 2016 June 2017
Based on management contract (wakalah sukuk) 278.8 1,152.4 848.9 792.4 655.1
Based on ownership
(covered ijarah sukuk)
565.4 672.2 175.5 56.7 14.2
Based on partnership contract
(musharakah)
- - - - 118.0
Trading-based contract
(murabahah/tawarruq sukuk)
- 250.0 226.3 124.8 78.0
Total 844.2 2,074.7 1,250.7 973.9 865.3
Source: Undersecretariat of Treasury