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Global Sukuk Market - Overview & Trends Current Status,
Developments and Key Challenges
IIFM Annual Seminar at Pre-Conference Day of World Islamic
Banking Conference (WIBC)
4th December 2017, ART Rotana Hotel, Amwaj Islands, Kingdom of
Bahrain
Ismail Dadabhoy
Advisor
IIFM
Sukuk Market Current Status
a) Total Global Sukuk Issuances (International &
Domestic)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Total GLOBAL Sukuk Issuances (Jan 2001 – September 2017) All
Tenors, All Currencies, in USD Millions
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Total Global Sukuk Issuances as September 2017 USD 918,913
Millions
Source: IIFM Sukuk database
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
Total INTERNATIONAL Sukuk Issuances (Jan 2001 – Sept 2017) All
Tenors, All Currencies, in USD Millions
2
Total International Sukuk Issuances as of September 2017 USD
212,727 Millions
Source: IIFM Sukuk database
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Total DOMESTIC Sukuk Issuances (Jan 2001 – September 2017) All
Tenors, All Currencies, in USD Millions
Total Domestic Sukuk Issuances as of September 2017 USD 706,186
Millions
Source: IIFM Sukuk database
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
Sukuk Market Current Status
b) Total Global Sukuk Issuances – Breakdown by Issuer Status
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Global Sovereign Sukuk Issuances (Jan 2001 – Dec 2016) All
Tenors, All Currencies, in USD Millions
4 IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
Global Quasi-Sovereign Sukuk Issuances (Jan 2001 – Dec 2016) All
Tenors, All Currencies, in USD Millions
5 IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Global Corporate Sukuk Issuances (Jan 2001 – Dec 2016) All
Tenors, All Currencies, in USD Millions
6 IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
Global IFI’s Sukuk Issuances (Jan 2001 – Dec 2016) All Tenors,
All Currencies, in USD Millions
7 IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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DOMESTIC Sukuk Issuances by Issuer Status All Tenors, All
Currencies, in USD Millions
8 IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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DOMESTIC Sukuk Issuances by Issuer Status All Tenors, All
Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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INTERNATIONAL Sukuk Issuances by Issuer Status All Tenors, All
Currencies, in USD Millions
10 IIFM Seminar at Pre-Conference Day of WIBC, 4th December
2017, Bahrain
11
INTERNATIONAL Sukuk Issuances by Issuer Status All Tenors, All
Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Sukuk Market Current Status
c) Total Global Sukuk Issuances - Country Wise Breakdown of
Global Issuances
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
REGIONAL BREAK-UP OF GLOBAL ISSUANCES (JAN 2001 - DEC 2016)
12 IIFM Seminar at Pre-Conference Day of WIBC, 4th December
2017, Bahrain
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REGIONAL BREAK-UP OF GLOBAL ISSUANCES (JAN 2001 - DEC 2016)
Continuation
13 IIFM Seminar at Pre-Conference Day of WIBC, 4th December
2017, Bahrain
Sukuk Market Current Status
d) Global Sukuk Issuances – Structural Breakdown (International
& Domestic)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Structural Breakdown of INTERNATIONAL Sukuk Issuances - All
Tenors, All Currencies, in USD Millions
14 IIFM Seminar at Pre-Conference Day of WIBC, 4th December
2017, Bahrain
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Structural Breakdown of INTERNATIONAL Sukuk Issuances - All
Tenors, All Currencies, in USD Millions (continued)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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16
Structural Breakdown of INTERNATIONAL Sukuk Issuances - All
Tenors, All Currencies, in USD Millions (continued)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
17
Structural Breakdown of DOMESTIC Sukuk Issuances - All Tenors,
All Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Structural Breakdown of DOMESTIC Sukuk Issuances - All Tenors,
All Currencies, in USD Millions (continued)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
19
Structural Breakdown of DOMESTIC Sukuk Issuances - All Tenors,
All Currencies, in USD Millions (continued)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Sukuk Market Current Status
e) Global Outstanding Sukuk (International & Domestic)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
20
Total GLOBAL Sukuk Outstanding as of 31st December 2016 All
Tenors, All Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Total GLOBAL Sukuk Outstanding by Issuer Status as of 31st
December 2016, All Tenors, All Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
22
Total DOMESTIC Sukuk Outstanding as of 31st December 2016, All
Tenors, All Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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23
Total DOMESTIC Sukuk Outstanding by Issuer Status As of 31st
December 2016, All Tenors, All Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
24
Total INTERNATIONAL Sukuk Outstanding As of 31st December2016,
All Tenors, All Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Total INTERNATIONAL Sukuk Outstanding by Issuer Status As of
31st December 2016 (in USD Millions)
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
26
Country Wise Breakdown of GLOBAL Sukuk Outstanding As of 31st
December 2016, All Tenors, All Currencies, in USD Millions
IIFM Seminar at Pre-Conference Day of WIBC, 4th December 2017,
Bahrain
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Key Challenges In Sukuk Issuances
1) Limited availability of tangible assets leads to over
reliance on certain Sukuk structures
2) Asset title transfer law particularly for sovereign
assets
3) Investor’s preference and risk appetite tilted towards
balance-sheet risk rather than direct risk on a tangible asset
4) Tax Neutrality
5) Quasi Sovereign Sukuk Implicit and Explicit Government
Guarantee
6) Currency & Rate of Return risk mitigation
27 IIFM Seminar at Pre-Conference Day of WIBC, 4th December
2017, Bahrain
Islamic Hedging and its Role in Sukuk Market Development
IIFM-ISDA Hedging Standards
Tahawwut (Hedging) Master Agreement
Islamic Foreign Exchange Forward (IFX Forward)
Islamic Cross-Currency Swap (ICRCS)
Islamic Profit Rate Swap (IPRS)
Islamic Credit Support Deed for Cash Collateral (VM)
28 IIFM Seminar at Pre-Conference Day of WIBC, 4th December
2017, Bahrain
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Thank You
International Islamic Financial Market (IIFM) Office No. 72, 7th
Floor, Zamil Tower , P.O. Box: 11454, Manama, Kingdom of Bahrain
Tel: +973 17500161 , Fax: +973 17500171, Email: [email protected],
Website: www.iifm.net Disclaimer: The information herein has been
obtained from sources believed to be reliable but cannot be
guaranteed. The views or opinions expressed are subjected to change
at any time. Neither the information nor any opinion expressed can
be construed as a solicitation for the purchase or sale of any
securities. International Islamic Financial Market disclaims
liability in this respect.
