The Role of Sukuk in Islamic Capital Markets
55
Table 3.6: Arab Countries – Number of International Issuances by Country (2001-2016)
Country Number of sukuk issues Amount (USD million) % of the total value
Bahrain 101 9,310 8.5
Kuwait 15 2,577 2.4
Oman 2 582 0.5
Qatar 12 10,185 9.3
Saudi Arabia 43 26,305 24.1
UAE 90 60,244 55.2
Total 263 109,203 100.0
Source: IIFM (2017, July)
Table 3.7 gives a snapshot of some landmark issuances by selected Arab countries.
Table 3.7: A Snapshot of Selected Sukuk Issuances by Arab Countries
Name of
issuance
Zam Zam Tower
Sukuk 2003
SABIC 1 Sukuk
2006
Dubai Islamic
Bank Sukuk
2015
Jordan
Sovereign
Sukuk 2016
Saudi
Sovereign
Sukuk 2017
Sukuk issuer Munshaat Real
Estate Projects
KSC
Saudi Arabia Basic
Industries
Corporation
(SABIC)
DIB Tier 1 Sukuk
(2) Ltd
Jordan 2021 KSA Sukuk
Limited
Originator/
obligor
Makkah Al-
Mukarramah
King Abdul Aziz
Waqf Project
Saudi Arabia Basic
Industries
Corporation
DIB Tier 1 Sukuk
(2) Ltd
Hashemite
Kingdom of
Jordan
Kingdom of
Saudi Arabia
Ministry of
Finance
Currency
format
USD Saudi Riyal USD Jordan Dinar USD
Structure Ijarah (Intifa’) Istithmar Mudarabah Ijarah Hybrid
(Combination
of
mudarabah
and
murabahah)
Sukuk
rating(s)
n/a Standard & Poor’s:
A-
Not rated n/a Moody’s:
A1(P) Fitch
Ratings: A+
Sukuk
asset(s)
The right to use
the apartment
complex (Zam
Zam Tower) based
on the time-
sharing concept
Specified rights and
obligations under
the marketing
agreements of
SABIC’s marketing
business for a
period of 20 years
General
corporate
business of DIB
Shariah-
compliant asset
Shariah-
compliant
asset
Purpose To build a high-
quality service
facility for
pilgrims that met
the specific goals
of the waqf
To finance part of
SABIC’s capex
program and
general corporate
purposes
To enhance
capital position of
DIB
Completion of
Ministry of
Finance’s new
offices
To finance its
budget deficit
Issuance
date
December 2003 29 July 2006 20 January 2015 17 October
2016
20 April
2017
Tenure 24 years 5-20 years Perpetual,
callable after six
years
5 years 5 years and
10 years