News & Analysis as of

Sukuk

The Sukuk Handbook: A Guide To Structuring Sukuk - Second Edition

by Latham & Watkins LLP on

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

The Islamic finance industry can breathe a sigh of relief, at least for the time being

by DLA Piper on

On 17 November 2017, Mr Justice Leggatt handed down a judgment in the High Court of London that had been eagerly awaited by the global sukuk market and the rest of the Islamic finance industry....more

Dana Gas Sukuk: A red herring or cause for concern?

by White & Case LLP on

The recent move by Dana Gas PJSC ("Dana Gas") to declare its approximately US$700 million of outstanding trust certificates unlawful and, accordingly, unenforceable on grounds that, in the company's view and that of its...more

OJK Simplifies the IPO Process and Enhances Disclosure

by White & Case LLP on

New regulations issued by the Indonesian Financial Services Authority (Otoritas Jasa Keuangan "OJK") aim to increase the number of public offerings in Indonesia by (1) shortening the regulatory review period by adopting a...more

RISK: To Retain or Not Retain in Sukuk?

by King & Spalding on

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

Impact of US Risk Retention Rules on Sukuk

by White & Case LLP on

In July 2010, the United States Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Dodd-Frank Act mandated extensive changes to the financial regulatory system in the...more

Members of the Shari'ah Board - religious scholars or lawyers?

by DLA Piper on

Golden Belt v BNP Paribas (Golden Belt) is perhaps the most high profile English case on Islamic Finance for more than a decade. In it the High Court will be asked to determine an issue which has potentially enormous...more

Asset-backed sukuk: Is the time right for true securitisation?

by White & Case LLP on

In the 'conventional' finance space, asset-backed financings have proved a successful method of funding social and civil infrastructure. However, in Islamic finance, asset-backed sukuk have not yet taken off. The...more

Green Bonds & Islamic Finance

by White & Case LLP on

Green Finance - Green Bonds are a specific sub-set of bonds used for clean energy projects, the vast majority of which are in the area of renewable energy and energy efficiency. Green Bond deals can include other types...more

Building the Turkish sukuk market: One step at a time

by White & Case LLP on

Turkey, with its unique geostrategic position as the bridge between Europe, the Middle East and Asia, is ideally placed to become one of the most prominent players in the global sukuk market. Having recently implemented...more

Sukuk: The cornerstone of Islamic finance

by White & Case LLP on

Sukuk have emerged as one of the most significant financing tools in Islamic finance. These securities form a bridge between issuers—primarily sovereigns and corporations—and investors located in the Middle East and...more

Sukuk vs. bonds - Sukuk, the Islamic alternative to conventional bonds, is rapidly and steadily gaining ground in Turkey.

by White & Case LLP on

Sukuk typically represent an undivided beneficial ownership interest in certain tangible assets (save for certain receivables, such as zhimam or duyun), the usufruct of an asset or certain projects or investment activities. ...more

The sukuk experience in Turkey

by White & Case LLP on

Turkey's government is determined to make Istanbul a financial hub for Islamic finance, regionally and globally. With a GDP of US$733.6 billion in 2015 according to the IMF, Turkey is the 18th largest economy in the world,...more

MEasure - Summer 2016

by King & Spalding on

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

Saudi Arabia Update - July 2016

by Dentons on

Legal Developments - Liberalization of Wholesale and Retail Trade Sector – 100% Foreign Ownership Allowed - Introduction - As was described in our September 2015 KSA Update, the Saudi Arabian authorities...more

Brexit; Assessing the impact on Middle Eastern issuers accessing the UK and European Capital Markets

by King & Spalding on

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

Saudi Arabia Update - June 2016

by Dentons on

Legal Developments - Vision 2030 introduces new Nitaqat - Earlier this year, the Deputy Crown Prince Mohammed bin Salman announced the new reform plan, Vision 2030, which expresses Saudi Arabia's long-term goals and...more

Oman heralds a new framework for Sukuk issuances and new listing categories

by Dentons on

The past few weeks have seen frenetic activity in key legislative developments being released in Oman. Hot on the heels of the publication of Oman's new Sukuk Regulations on 5 April 2016 came the introduction of new listing...more

Qatar's Strong Start to a Testing Year

by K&L Gates LLP on

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

The Evolving Business and Investment Landscape in Saudi Arabia

by Latham & Watkins LLP on

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

Saudi Arabia Issues New Regulations for Companies, Altering Regulatory Landscape

by Latham & Watkins LLP on

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

Saudi Arabia update - August 2015

by Dentons on

Legal Developments - Expatriate Workers Restricted from Certain Job Categories - As part of Saudi Arabia’s ongoing Saudization campaign, the Ministry of Labor (MoL) identified this month 19 jobs that are restricted...more

Saudi Arabia Update - July 2015

by Dentons on

Legal Developments - Ministry of Labor Study the Market Needs - Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals...more

Saudi Arabia Update June 2015

by Dentons on

Legal developments - 6,000 Ministry of Justice employees receive training - In a drive to train 6,000 Ministry of Justice (MoJ) employees, which began at the start of 2015, the MoJ announced that 175 employees...more

New UAE Commercial Companies Law - Debt Capital Markets

by Dentons on

On 31 March 2015, the new Federal Law (No. 2 of 2015) concerning Commercial Companies (the NCCL) was issued and published in Federal Gazette No. 577 in the United Arab Emirates (the UAE) (the Official Gazette). The NCCL comes...more

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