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Despite the industry’s wider concentration challenges, Islamic finance can boast some impressive examples of innovation, particularly in wholesale financing. The wakalah structure has become commonplace, where once it was considered too structurally onerous; new markets have entered the fray in sukuk, such as Oman; and other cross-border transactions continue to be pulled together by enterprising scholars, bankers and lawyers. Euromoney looks at six of the strongest examples from the last 12 months:
Emirates Airlines UK Export Finance $913 million sukuk (Khadrawy) |
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Joint lead managers: Abu Dhabi Islamic Bank Citi Dubai Islamic Bank ENBD Capital HSBC JPMorgan National Bank of Abu Dhabi Standard Chartered Bank |
Khazanah M$100 million ($18.2 million) sustainable and responsible investment sukuk (Ihsan) |
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Lead manager: CIMB |
Malaysia $1.5 billion sukuk |
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Standard Chartered CIMB HSBC |
Employees Provident Fund £132 million ($187 million) secured Islamic facility |
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Arranger: Standard Chartered |
Islamic Republic of Pakistan $100 million Islamic structured club facility |
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Lead arrangers: Noor Bank Standard Chartered |
Government of the Sultanate of Oman OR250 million ($650 million) sukuk |
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Lead managers: Bank Muscat Meethaq Standard Chartered |
