BACKPress Release
30 May | Tuesday
RAM Ratings expects hybrid sukuk to dominate future issuance
RAM Ratings notes the market’s growing preference for hybrid sukuk - a sukuk structure that combines two or more differing elements. These elements could comprise more than one Shariah contract, a mixture of debt and equity or underlying assets consisting of tangible and intangible assets.
Previously, sukuk structures had been predominantly structured using only one Shariah contract, e.g. ijarah, musharakah, mudharabah or commodity murabahah. However, conformity to the Accounting and Auditing Organisation of Islamic Financial Institutions’ (AAOIFI) Shariah standards has led to a progressive shift towards hybrid sukuk. “Given the wide acceptance of hybrid sukuk by almost all Islamic jurists, this structure is likely to dominate future sukuk issues,” highlights Ruslena Ramli, Head Islamic Finance at RAM.
The Islamic finance landscape has developed into a vibrant financial market that has attracted worldwide attention. Given its pace of progress, its products have evolved to cater to the needs of current times. The ongoing efforts to pursue a centralised global model could facilitate and strengthen the Islamic finance ecosystem. However, conformity with each jurisdiction’s standards and guidelines will still prevail when dictating the type of Shariah contract adopted.
In the latest issue of Sukuk Reflections, Amanie Advisors has collaborated with RAM Ratings to analyse various sukuk structures, together with a comparison between the types of Shariah contracts adopted by Malaysia and the Gulf Cooperation Council (GCC) countries through the past decade.
For a detailed analysis, please download the publication via RAM Ratings’ website, www.ram.com.my.
Previously, sukuk structures had been predominantly structured using only one Shariah contract, e.g. ijarah, musharakah, mudharabah or commodity murabahah. However, conformity to the Accounting and Auditing Organisation of Islamic Financial Institutions’ (AAOIFI) Shariah standards has led to a progressive shift towards hybrid sukuk. “Given the wide acceptance of hybrid sukuk by almost all Islamic jurists, this structure is likely to dominate future sukuk issues,” highlights Ruslena Ramli, Head Islamic Finance at RAM.
The Islamic finance landscape has developed into a vibrant financial market that has attracted worldwide attention. Given its pace of progress, its products have evolved to cater to the needs of current times. The ongoing efforts to pursue a centralised global model could facilitate and strengthen the Islamic finance ecosystem. However, conformity with each jurisdiction’s standards and guidelines will still prevail when dictating the type of Shariah contract adopted.
In the latest issue of Sukuk Reflections, Amanie Advisors has collaborated with RAM Ratings to analyse various sukuk structures, together with a comparison between the types of Shariah contracts adopted by Malaysia and the Gulf Cooperation Council (GCC) countries through the past decade.
For a detailed analysis, please download the publication via RAM Ratings’ website, www.ram.com.my.
source: RAM Rating Services Berhad
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February
January
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November
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September
July
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April
March
June
May
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April
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- RAM Ratings reaffirms TNB’s AAA/Stable rating
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March
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February
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January
December
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September
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August
- RAM Ratings reaffirms Muhibbah’s AAA(s) issue rating
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July
June
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- SocGen’s maiden sukuk rated AAA(s) by RAM – Malaysia’s first sukuk issued by a French bank
May
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April
March
February
January
December
October
July
- MOU between ASAS and IBFIM on Training Initiatives
- AmInvest receives Global Recognition as Best Islamic Fund Manager
- Introductory Remarks by Dr. Zeti Akhtar Aziz Governor, Bank Negara Malaysia at the book launch of “Islamic Finance: The New Regulatory Challenge, 2nd Edition”
- The inaugural issuance of Government Investment Issue (GII) under Murabahah contract
- Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad Launches Islamic Financial Products
- RAM Ratings for Eversendai Corporation Berhad - 1Q FY DEC 2013
- RH Capital’s Class A Sukuk Ijarah
- The Asset Triple A’s honours MIFC as Malaysia is voted Best Islamic Finance Centre
May
April
March
December
