Mudaraba-murabaha structure could lower
liquidity premium
By Blake Goud, Principal, Sharing Risk |
During March, Saudi dairy and poultry firm Almarai issued the first series of its SAR 3.2 billion (USD 853 million) sukuk program for SAR 1 billion, which used a mudaraba-murabaha structure. According to Zawya's sukuk database, there have only been 22 issues using this structure, mostly by two companies - LBS Bina Group and KNM Capital - in Malaysia.
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USD43bn sukuk in 1Q12 could translate into
USD120bn in 2012
By Adnan Halawi,Team Leader - Fixed Income, Zawya |
Sukuk issuance in the first quarter of 2012 exceeded all expectations reaching a record USD 43 billion globally, according to data compiled by Zawya's Quarterly Sukuk Bulletin for 1Q 2012. This is almost double the average amount of sukuk issued in any given quarter of the past year, and half the amount issued throughout 2011.
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Loss-sharing is not sine qua non for Islamic finance
By Afzalul Haq, Head of Islamic Banking, Bank Asia |
There remains a misconception amongst the masses that Islamic finance is essentially a system that shares the profit or the loss. In fact this is not the reality. Islamic finance involves different modes, out of which a few are profit sharing and/or profit and loss sharing. There are many other modes, where the question of sharing profit or bearing loss does not arise.
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