Senior unsecured trust certificates (commonly known as sukuk) are now regularly issued in the capital markets. Most commonly, these are issued by Shari'a compliant companies to raise funds in international capital markets in...more
The sukuk market is keeping a close watch on a proposed set of Sharia guidelines that could significantly change how sukuk instruments are structured and distributed - The Bahrain-based Accounting and Auditing Organization...more
In a volatile global market, sukuk deals have been the engine of Islamic finance issuance across the MENAT region - Sukuk have driven Islamic finance activity in the Middle East, North Africa and Turkey (the MENAT region)...more
Withholding tax rates on income derived from Eurobonds and lease certificates issued outside of Turkey, on interest payments of Tier II loans and securitization financings; as well as BITT applicable to securitizations backed...more
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 has been made and comes into force on July 11, 2018. The Order amends the definition of "Alternative Finance Investment Bonds" in the...more
A draft of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 has been laid before Parliament. The draft Order makes amendments to the definition of "Alternative Finance Investment...more
The development of modern Shari’ah compliant financial products is relatively new, dating back to the early 1970s and the emergence of the first Islamic banks. In recent years, Shari’ah scholars and market participants have...more
Introduction - 17 C.F.R. Part 246, adopted jointly by the United States Securities and Exchange Commission (the “SEC”) and other federal agencies in October of 2014 (the “U.S. Risk Retention Rule”) was adopted in response...more
Brexit – Impact on Middle Eastern Issuers - Whilst the precise legal and regulatory impact that the UK’s recent decision to leave the European Union (EU), dubbed Brexit, will have on the corporate finance market will...more
Many companies and other entities in the Middle East tap the UK and/or European debt and equity capital markets as part of achieving their corporate funding and broader strategic objectives. Whilst the precise legal and...more
Perhaps it is no longer a hidden fact that 2016 will be a difficult year for the Qatari market. With more governmental or quasi-governmental entities announcing reductions or cancellations of projects, staff redundancies and...more
Saudi Arabia is developing into a sophisticated financial center in the Middle East. As companies are increasingly active in the Kingdom and demand for Sharia’h-compliant financial instruments increases, the Kingdom can...more
Innovative changes address company and investor concerns as Saudi Arabia moves to modernize its corporate legal regime. On 9 November 2015, the Council of Ministers of the Kingdom of Saudi Arabia approved the...more
Corporate, sovereign and government-related entities issued sukuk worth US$116.4 billion in 2014, according to Standard and Poor’s. As more financial institutions around the world engage in the management, arrangement or...more
The sukuk market is proving to be a significant source of capital for many corporate, sovereign and government-related entities in Southeast Asia, the Middle East and North Africa — entities which issued US$116.4 billion...more
In this Issue: - The History and Development Of Sukuk - Summary Of Sukuk Structures - Sukuk Al-Ijara - Case Study: Government Of Dubai US$5 Billion Trust Certificate Issuance Programme -...more
Global sukuk issuances are expected to reach US$175 billion in 2015, a 59 percent increase from 2014, and are projected to hit US$250 billion by 2020 according to a study published by Thomson Reuters. The anticipated surge in...more