Back to basics: sukuk
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask ... In part 2 of our special Islamic finance back-to-basics, the chairman of Moody's Middle East co-ordination committee, Khalid Howladar, looks at sukuk structures
Sukuk are a relatively recent phenomenon, beginning in Malaysia in 1990 with a RM120m ($30m) deal from a Shell Malaysia subsidiary. There has been rapid growth in the past five years with jumbo deals from the Dubai Ports, Customs & Free Zone Corp (DPWorld - $3.5bn) and Nakheel Group ($3.52bn), pushing such structures firmly into the international eye. Approximately $50bn has been issued globally thus far.
There are 14 types of sukuk specified by the Accounting and Auditing Organization for
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