How Sukuk Works

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10/5/13 How Sukuk works: Introduction, structur ing and appl ication of Sukuk bonds | Islamic Finance Resource

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How Sukuk works: Introduction, structuring and application ofSukuk bonds

Posted on April 27, 2010 | 7 Comments

How Sukuk works: Introduction, structuring and application of Sukuk bonds

An ex cellent introduc tion to Sukuk bonds.

From:www.financeinislam.comAuthor: Shariq Nisar

ISLAMI C BONDS (SUKUK): IT S

INT RODUCT ION AND APPLICA T ION

What is Suku k

Sukuk in general may be understood as a shariah co mpliant Bond. In its simplest form sukuk

represents o wnership of an asset or its usufruct. The claim embodied in sukuk is not simply a claim tocash flow but an ownership claim. This also differentiates sukuk from co nventional bonds as the latter

proceed ov er interest bearing securities, whereas sukuk are basically investment certificates consisting

of ownership claims in a pool ofassets.

Sukuk (plural of word sak) were ex tensively used by Muslims in the Middle A ges as papers representing

financial obligations originating from trade and o ther commerc ial activities. Howev er, the pr esent

structure o f sukuk are different from the sukuk originally used and are akin to the conv entional conce pt

of securitization, a pro cess in which o wnership of the underly ing assets is transferred to a large number

of inve stors through certificates representing propor tionate value of the relevant assets.

Suku k v s. Conv entional Bonds

A bo nd is a contractual debt o bligat ion whereby the issuer is contractually obliged to pay to

bo ndholders, on certain spec ified dates, interest and princ ipal, whereas, the sukuk holders c laims

an undivided beneficial ownership in the underly ing assets. Consequently , sukuk holders are

entitled to share in the rev enues generated by the sukuk assets as well as being entitled to share in

the proc eeds o f the realization of the sukuk assets.

A distinguishing feature of a sukuk is that in instanc es where the certificate represents a debt to the
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holder, the c ertificate will not be tradable on the secondary market and instead is held until

maturity or sold at par.

Accounting and A uditing Organisation for Islamic Financial Institutio ns (A AOIFI) defines sukuk as

being:

Certificates o f equal value representing after clo sing subscription, receipt of the v alue of the

certificates and putting it to use as planned, co mmon title to shares and r ights in tangible assets,usufructs and serv ices, or equity of a given project or equity o f a special investment activity.

Benefits and Features

Tradable shariah-compliant capital market product prov iding medium to long-term fixed or

v ariable rate s of return. A ssessed and rated by inte rnational rating agencies, which inv estors use

as a guideline to assess risk/return parameters o f a sukuk issue.

Regular periodic income streams during the investment period with easy and efficient settlement

and a possibility of capital appreciation of the sukuk.Liquid instruments, tradable in seco ndary market.

Uses of Sukuk Fu nds

The most commo n uses of sukuk can be named as projec t specific, asset-specific, and balance sheet

specific.

1. Project-specific Suku k

Under this category money is raised through sukuk for spec ific projec t. For ex ample, Qatar Global

sukuk issued by the Government o f Qatar in 2003 to mobilize resourc es for the co nstruction of Hamad

Medical City (HMC) in Doha. In this case a joint v enture special purpose vehicle (SPV), the Qatar Global

sukuk QSC, was incorporated in Qatar with limited liability . This SPV acquired the o wnership of land

parcel, that was registered in the name of HMC. The land parc el was placed in trust and I jara-based

Trust Certificates (TCs) were issued worth US$7 00 million due by October 20 10 . The annual floating

rate of return was agreed at LIBOR plus 0.45 per c ent.

2. Assets-specific Suku k

Under this arrangement, the reso urces are mobilise by selling the beneficiary right of the assets to the

investor s. For ex ample, the Government o f Malaysia raised US$ 60 0 million through Ijara sukuk Trust

Certificates (TCs) in 2002. Under this arrangement, the be neficiary right of the land parce ls has been

sold by the gov ernment of Malaysia to an SPV, which was then re-sold to investors for five y ears. The

SPV kept the beneficiary rights of the properties in trust and issued floating rate sukuk to investors.

Another example o f Asset-specific sukuk is US$25 0 millio n five-y ear Ijara sukuk issue d to fund the

extension of the airport in Bahrain. In this case the underly ing asset was the airport land sold to an SPV.


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3. Balance Sheet-specific Suku k

An ex ample o f the b alance sheet spec ific use of sukuk funds is the Islamic Development Bank (I DB)

sukuk issued in August 20 03. The IDB mobilised these funds to finance v arious projects of the member

countries. The IDB made its debut re source mobilization from the international capital market by

issuing US$ 40 0 million five-year sukuk due for maturity in 20 08.

T ypes of Suku k

Sukuk can be o f many types depending upon the ty pe of Islamic modes of financing and trades used in

its structuring. Howev er, the mo st important and co mmon among those are ijarah, shirkah, salam and

istisna. Among the fourteen e ligible sukuks identified by the AA OIFI, following are more c ommon:

1. Mudaraba Sukuk

These are investment sukuk that represent ownership of units of equal value in the Mudaraba equityand are registered in the names of holders on the basis of undivided o wnership of shares in the

Mudaraba equity and its returns acc ording to the perc entage of ownership of share. The owners o f such

sukuk are the rabbul-mal. (AA OIFI). Mudarba sukuk are used for enhancing public participation in big

investment projects.

Salient Features:

Following are the salient features of mudarba sukuk:

Mudarba sukuk (MS) represent co mmon o wnership and entitle their holders share in the spec ific

projects against which the MS has been issued.

The MS contrac t is based on the official notice o f the issue of the prospec tus which must prov ide

all information required by shariah for the Qirad contract such as the nature of capital, the ratio

for profit distribution and other co nditions related to the issue, which must be co mpatible with

shariah.

The MS holder is give n the right to transfer the ownership by selling the deeds in the securities

market at his discretion. The sale of MS must follow the rules listed below:

If the mudarba capital, before the operations of the project, is still in the form of money , the

trading of MS would be like exchange of money for money . In that case the rules of bay al-

sarf would be applied.

If muqarda capital is in the form of debt then it must satisfy the pr inciples of debt trading in

Islam.

If capital is in the form of combination of cash, rece ivables, go ods, real assets and benefits,

trade must be based on market price ev olved by mutual consent.

The Manager/SPV who r ece ives the fund collec ted from the subscribers to MS can also invest his

own fund. He will get profit for his capital co ntribution in addition to his share in the pro fit as

mudarib.


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holders become the owners of the project or the assets of the activity as per their respective shares.

These Musharaka certificates c an be treated as negotiable instruments and can be bo ught and sold in

the secondary market.

These are c ertificates of equal v alue issued with the aim o f using the mo bilized funds for establishing a

new project, dev eloping an existing project or financing a business activity o n the basis of any

partnership contracts so that the cer tificate holders bec ome the owners o f the projec t or assets of the

activ ity as per their respectiv e shares, with the Musharaka certificates being managed on the basis ofparticipation or Mudaraba or an investment agency . (AAOIFI Standard 17 , 3/6)

Steps involv ed in the structu re:

Corporate and the Special Purpose V ehicle (SPV) enter into a Musharaka Arr angement for a fixed

period and an agreed pro fit-sharing ratio. Also the c orpor ate undertakes to buy Musharaka shares of

the SPV on a periodic b asis.

Corporate (as Musharik) contributes land or o ther phy sical assets to the MusharakaSPV (as Musharik) co ntributes cash i.e. the issue Proceeds receiv ed from the investors to the

Musharaka

The Musharaka appoints the Corporate as an agent to dev elop the land (or other physical assets)

with the cash injected into the Musharaka and sell/ lease the developed assets on behalf of the

Musharaka.

In return, the agent (i.e. the Corporate) will get a fixed agency fee plus a variable incentiv e fee

payable.

The profits are distributed to the sukuk holders.

The Corporate irrev ocably undertakes to buy at a pre-agreed price the Musharaka shares of the

SPV on say semi-annual basis and at the end o f the fixed period the SPV would no longer have any

shares in the Musharaka.

Mush araka Suku k in Practice

US$5 50 million sukuk transaction for Emirates airline, the sev en-year deal was a structured o n a

Musharaka contract. The Musharaka or joint v enture was set up to dev elop a new engineering centre

and a new headquarters building on land situated near Dubais airport which will ultimately be leased to

Emirates. Profit, in the form o f lease rentals, generated from the Musharaka venture will be used to pay

the periodic distribution on the trust ce rtificates.

Sitara Chemical Industries Ltd, a public limited c ompany , made a public issue of profit-and-loss sharing

based term financ e certificates (TFCs) wo rth Rs 360 million whic h were subscribed in June 20 02. The

TFCs had a fixed life tenor o f five y ears and pro fit and loss sharing was linked to the operating profit or

loss of the Chemical Division of the company .

Kuwait Finance House (KFH), Liquidity Management Center (LMC) and Al Muthanna Inv estment

Company (MIC), the mandated lead arrangers launched US$ 12 5 million Lagoon City Musharaka sukuk


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to support the Lagoon City residential and co mmercial real estate dev elopment as part of Kheiran Pearl

City project.

3. Ijara Suku k

These are sukuk that represent ownership of equal shares in a rented real estate or the usufruct of the

real estate. These sukuk give their o wners the right to own the real estate, rec eive the rent and dispose

of their sukuk in a manner that does not affect the right of the lessee, i.e. they are tradable. The holdersof such sukuk bear all cost of maintenance of and damage to the real estate. (AA OIFI)

Ijarah sukuk are the securities representing ownership of well defined ex isting and known assets tied up

to a lease contract, rental of which is the return pay able to sukuk holders. Payment o f ijarah rentals can

be unr elated to the perio d of taking usufruct by the lessee. I t can be made before beginning of the lease

period, during the period or after the period as the parties may mutually dec ide. This flexibility c an be

used to ev olv e different forms of contract and sukuk that may serv e different purposes of issuers and

the holders.

Features of Ijarah suku k

It is necessary for an ijarah contract that the assets being leased and the amount of rent both are

clearly known to the parties at the time of the contract and if both of these are known, ijarah can

be contracted on an asset or a building that is y et to be constructed, as long as it is fully described

in the contract provided that the lessor should normally be able to acquire, construct or buy the

asset being leased by the time set for its delivery to the lessee (AAOIFI, 200 3: 140-1 57 ). The

lessor can sell the leased asset prov ided it does not hinder the lessee to take benefit from the asset.

The new owner would be entitled to receiv e the rentals.

Rental in ijarah must be stipulated in c lear terms for the firs term of lease, and for future renewable

terms, it could be c onstant, increasing or dec reasing by benchmarking or relating it to any well-

known variable.

As per shariah rules, expenses related to the corpus or basic c haracteristics of the assets are the

responsibility of the owner, while maintenance expenses related to its operation are to be borne

by the lessee.

As regards procedure for issuance o f ijarah sukuk, an SPV is created to purc hase the asset(s) that

issues sukuk to the investo r, enabling it to make pay ment for purchasing the asset. The asset is

then leased to third party for its use. The lessee makes periodic r ental payments t the SPV that in

turn distributes the same to the sukuk holders.Ijara sukuk are co mpletely nego tiable and can be traded in the secondary markets.

Ijara sukuk offer a high degree of flex ibility from the point of v iew of their issuance management

and marketability. The central gove rnment, municipalities, awqaf or any other asset users, priv ate

or public can issue these Sukuk. Additionally, they can be issued by financial intermediaries or

directly by users of the leased assets.

Steps inv olved in the structu re


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The obligator sells certain assets to the SPV at an agreed pre-determined purc hase price.

The SPV raises financing by issuing sukuk certificates in an amount equal to the purchase price.

This is passed on to the obligator (as seller).

A lease agreement is signe d between SPV and the obligator for a fix ed perio d of time, whe re the

obligator leases back the assets as lessee.

SPV rec eives periodic rentals from the obligator;

These are distributed among the investors i.e. the sukuk holders.

At matur ity , or on a disso lution ev ent, the SPV sells the assets back to the seller at apredetermined v alue. That value should be equal to any amounts still owed under the terms o f the

Ijara sukuk.

Ijara Suku k in Practic e

In December 200 0, Kumpulan Guthrie Berhad (Guthrie) was granted a RM1.5 billion (US$400 million)

Al-Ijara Al-Muntahiy ah Bit-Tamik by a conso rtium of banks. The o riginal facility was r aise d to re-

finance Guthries acquisition o f a palm oil plantation in the Republic o f Indonesia. The co nsortium was

then invited to participate as the underwriter/primary subsc riber of the Sukuk Transaction.

US$35 0 million sukuk Trust Certificates by Sarawak Corporate Sukuk Inc. (SCSI) Sarawak Economic

Dev elopment Corpo ration (SEDC) raised financing amounting to US$35 0 million by way of issuance o f

series of trust certificates issued on the principle of Ijara sukuk. The certificates were issued with a

maturity of 5 years and under the proposed structure, the proc eeds will be used by the issuer to

purchase certain assets from 1 st Silicon (Malaysia) Sdn Bhd. Thereafter, the issuer will lease assets

procured from 1 st Silicon to SEDC for an agreed re ntal price for an agreed lease period o f 5 years.

4. Murabaha Suku k

In this case the issuer of the certificate is the seller of the Murabaha commodity , the subscribers are the

buyers of that commodity , and the realised funds are the purchasing c ost o f the c ommodity . The

certificate holders own the Murabaha commo dity and are entitled to its final sale price upo n the re-sale

of the Commodity. The po ssibility o f having legally acceptable Murabaha-based sukuk is only feasible in

the primary market. The negotiability of these Sukuk or their trading at the secondary market is not

permitted by shariah, as the certificates represent a debt owing from the subsequent buyer of the

Commodity to the certificate-holders and such trading amounts to trading in debt on a de ferred basis,

whic h will r esult in riba.

Despite being debt instruments, the Murabaha Sukuk could be nego tiable if they are the smaller part o f a

package or a portfolio, the larger part o f which is constituted of negotiable instruments such as

Mudaraba, Musharaka, or I jara Sukuk. Murabaha sukuk are popular in Malaysian market due to a more

liberal interpretation of fiqh by Malaysian jurists permitting sale of debt (bai-al-dayn) at a nego tiated

price.



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A master agreement is signed between the SPV and the borrower

SPV issues sukuk to the investors and receive sukuk proceeds.

SPV buy s commodity on spot basis from the commo dity supplier.

SPV sells the co mmodity to the borro wer at the spot price plus a profit margin, payable on

installments ov er an agreed period of time

The borrower sells the commo dity to the Commodity buy er on spot basis.

The investors receiv e the final sale price and profits.

Murabaha Suku k in Practice

Arcapita Bank, a Bahrain-b ased inv estment firm has mandated Bay erisc he Hy po-und V ereinsbank A G

(HVB), Standard Bank Plc (SB) and WestLB AG, London Branch (WestLB) (together the Mandated

Lead Arrangers), to arrange a Five Y ear Multicurrency (US$, and ) Murabaha-backed Sukuk. Sukuk

will hav e a fiv e-y ear bullet maturity and proposed pricing three month LIBOR +17 5bps.

5. Salam Suku k

Salam sukuk are certificates o f equal v alue issued for the purpose of mobilising Salam capital so that the

goods to be deliv ered o n the basis of Salam come to the ownership of the certificate holders. The issuer

of the certificates is a seller of the goods o f Salam, the subscribers are the b uyers of the goods, while the

funds realized from subscr iption are the purchase price (Salam capital) of the goo ds. The holders of

Salam certificates are the o wners of the Salam goods and are entitled to the sale price of the certificates

or the sale price o f the Salam goods so ld through a parallel Salam, if any .

Salam-based securities may be cr eated and sold by an SPV under which the funds mobilized from

investor s are paid as an advance to the co mpany SPV in return for a promise to deliver a co mmodity at

a future date. SPV can also appoint an agent to market the promised quantity at the time o f delivery

perhaps at a higher price. The difference between the purchase price and the sale price is the profit to

the SPV and hence to the ho lders of the Sukuk.

All standard shariah requirements that apply to Salam also apply to Salam sukuk, such as, full pay ment

by the buyer at the time of effecting the sale, standardized nature of unde rly ing asset, c lear

enumeration of quantity , quality, date and place of delivery of the asset and the like.

One of the Shariah conditions relating to Salam, as well as for cr eation o f Salam sukuk, is the

requirement that the purchased goo ds are not re-sold before actual possession at maturity. Such

transactions amount to selling of debt. This constraint renders the Salam instrument illiquid and hence

somewhat less attractive to inv estors. Thus, an investo r will buy a Salam certificate if he ex pects prices

of the underly ing commodity to be higher on the maturity date.

Steps involv ed in the transaction:

SPV signs an undertaking with an obligator to source both commodities and buy ers. The obligator

co ntracts to buy , on behalf of the end-Sukuk holders, the commodity and then to sell it for the


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profit of the Sukuk holders.

Salam certificates are issued to inve stors and SPV rec eive s Sukuk proceeds.

The Salam proceeds are passed onto the obligator who sells commo dity on forward basis

SPV rec eives the commodities from the obligator

Obligator, on behalf of Sukuk holders, sells the c ommodities for a pr ofit.

Sukuk holders receive the commodity sale proc eeds.

Salam Sukuk in Practice

Aluminum has been designate d as the underly ing asset of the Bahrain Gov ernment al Salam contract,

where by it promises to sell aluminum to the buyer at a specified future date in return o f a full pr ice

payme nt in advance. The Bahrain Islamic Bank (BIB) has been nominated to represent the o ther banks

wishing to partic ipate in the A l Salam contract. BIB has be en delegated to sign the contracts and all

other necessary do cuments on behalf of the other banks in the syndicate. At the same time, the buyer

appoints the Government of Bahrain as an agent to market the appropriate quantity at the time o f

delivery through its channels of distribution. The Gove rnment of Bahrain provides an additional

undertaking to the representative (BIB) to market the aluminum at a price, which will provide a return

to al Salam security holders equiv alent to those available through other conv entional short-term

money market instruments.

6. Istisn a Suku k

Istisna sukuk are c ertificates that carry equal v alue and are issued with the aim of mobilising the funds

required for produc ing products that are owned by the certificate holders. The issuer of these

certificates is the manufacturer (supplier/seller), the subscr ibers are the buy ers of the intended

product, while the funds realised from subsc ription are the cost o f the product. The certificate holders

own the product and are entitled to the sale price o f the certificates or the sale price of the produc t sold

on the basis of a parallel Istisna, if any. Istisna Sukuk are quite useful for financing large infrastructure

projects. The suitability of Istisna for financial intermediation is based on the permissibility for the

contrac tor in Istisna to enter into a parallel Istisna contract with a subco ntractor. Thus, a financial

institution may undertake the co nstruction of a facility for a deferred price, and sub co ntract the actual

construc tion to a spec ialised firm.

Shariah prohibits the sale of these debt c ertificates to a third party at any price o ther than their face

value. Clearly such certificates cannot be traded in the secondary market .


SPV issues Sukuk certificates to r aise funds for the project.

Sukuk issue proce eds are used to pay the contractor /builder to build and deliver the future

project.

Title to assets is transferred to the SPV

Property /projec t is leased or sold to the end buyer. The end buye r pays monthly installments to

the SPV.


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The returns are distributed among the Sukuk holders.

Istisna Sukuk in Practice

Tabreeds five-year global c orporate Sukuk (on behalf of the National Central Cooling Company , UAE)

prov ided a fixed c oupon of 5.50 %. It is a c ombination of Ijara Istisna and Ijara Mawsufah fi al dhimmah

(or forward leasing contrac ts). The issue was launched to raise funds to retire some existing debt, which

totals around US$136 million, as well as to finance ex pansion.

The Durrat Sukuk will finance the reclamation and infrastructure for the initial stage of a broader US$ 1

billion world class residential and leisure destination known as Durrat A l Bahrain, currently the

Kingdom of Bahrains largest residential dev elopment pro ject. The return o n the Sukuk is 125 basis

points over 3 months LIBOR payable quarterly , with the Sukuk having an overall tenor of 5 years and an

option for early redemption. The proc eeds of the issue (cash) will be used by the Issuer to finance the

reclamation of the land and the development of Base Infrastructure thro ugh multiple projec t finance

(Istisna) agreements. As the works carried out under eac h Istisna are completed by the Contractor and

delivere d to the Issuer, the Issuer will give notice to the Project Company under the Master IjaraAgre ement and will lease such Base Infrastruc ture on the basis o f a lease to own transaction.

7 . Hybrid Suku k

Considering the fact that Sukuk issuance and trading are important means of investment and taking into

account the v arious demands of investors, a mo re diversified Sukuk hybrid or mixed asset Sukuk

emerged in the market. In a hy brid Sukuk, the underlying poo l of assets can comprise of Istisna,

Murabaha receiv ables as well as Ijara. Having a portfolio of assets co mprising of different c lasses allows

for a greater mobilization of funds. Howev er, as Murabaha and Istisna contracts cannot be traded o n

seco ndary markets as securitised instruments at least 51 percent of the pool in a hy brid Sukuk must

compr ise of Sukuk tradable in the market such as an Ijara Sukuk. Due to the fact the Murabaha and

Istisna receivables are part of the pool, the return on these ce rtificates can only be a pre-determined

fixed rate of return.


Islamic finance originator transfers tangible assets as well as Murabaha deals to the SPV.

SPV issues certificates o f participation to the Sukuk holders and rec eive funds. The funds are used

by the Islamic finance originator .

Islamic finance o riginator purc hase these assets from the SPV ov er an agreed period of time.

Inve stors receive fixed pay ment of return on the assets.

Hybrid Suku k in practice

Islamic Development Bank issued the first hybrid Sukuk of assets comprising 65.8% Sukuk al-Ijara,

30.7 3% of Murabaha receiv ables and 3.4% Sukuk al-Istisna. This issuance r equired the IDBs guarantee

in order to secure a rating and international marketability. The $ 400 million Islamic Sukuk was issued


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by Solidar ity Trust Services Limited (STSL), a special purpo se c ompany incorpor ated in Jersey Channel

Islands. The Islamic Corporation for the Dev elopment o f Private Sector (ICD) played an intermediary

role by purc hasing the asset from I DB and selling it to The Solidarity Trust Serv ices Limited (STSL) at

the consolidated net asset value.

Conclusion

The market for sukuk is now maturing and there is an increasing momentum in the wake of interest fromissuers and inv estors. sukuk have c onfirmed their v iability as an alternative means to mobilise medium

to long-term savings and investments from a huge inve stor base.

Different sukuk structures hav e been emerging ov er the y ears but most o f the sukuk issuance to date

have b een ijara sukuk, since they are based on the undiv ided pro-rata ownership of the underly ing

leased asset, it is freely tradable at par, premium or disco unt. Tradability of the sukuk in the seco ndary

market makes them more attractiv e. Although less co mmon than Ijara sukuk, other ty pes of sukuk are

also playing significant role in emerging markets to help issuers and investo rs alike to participate in

major projec ts, including airports, bridges, po wer plants etc. The sovereign sukuk issues, followingMalaysias lead, are enjoy ing widespread and positive ac claim among Islamic investors and global

institutional investors alike.

7 RESPONSES TO HOW SUKUK WORKS: INTRODUCTION, STRUCTURING AND APPLICATION OF

SUKUK BONDS

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The Coraline Theme.

ARJUN M A| May 20, 2010 at 3:15 pm | Reply

i hope sukuk will leads as an asset to the global instututional investors as well as islamic

investors.

Rose Anderson| September 16, 2010 at 7:41 am | Reply

hi,

As I see in y our post there is goo d info rmatio n av ailable on sukuk .Sukuk is an alternate way

of investment where the inv estor get the benefits of investment and its treated as rent o n

investment, to av oid the interest on investment which is strictly prohibited in Islam.I have

also some site and blog ,I have write on same topic check my po st :

http://portfolioanalyst.blogspot.com/2010/09/islamic-debt-bond-market.html .

I want to write on guest post for yo ur blog based on c hange on the Islamic debt market.If you

agree than contact me at [email protected]

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ahmer hussain| January 11, 2012 at 7:01 pm | Reply

what is the difference between TFC and Sukuk

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Pingback: Education | What is Sukuk? | Nazaha Markets

gambling| May 11, 2013 at 8:03 pm | Reply

Normally I do nt read post on blogs, howev er I would like to say that this write-up very

compe lled me to chec k out and do so! Your writing sty le has been surprised me. Thanks,

very nice artic le.
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