London Stock Exchange welcomes Kingdom of Saudi Arabia’s $2bn Sukuk
London Stock Exchange today welcomes Saudi Arabia’s US dollar denominated Sukuk paper to its Main Market. The Sharia-compliant instrument raised $2billion, with a 4.303 per cent yield and received strong demand from international investors, reinforcing London’s position as a key global partner for Islamic Finance.
London Stock Exchange has a strong track record for Sukuk issuances. To date, over $50 billion has been raised through 66 Sukuk issues on our markets, including from the UK Government and Islamic multilateral development organisations such as the Islamic Development Bank.
- To date, more than $50 billion has been raised through 66 Sukuk listings on London’s markets.
- Islamic Development Bank has 11 securities listed on London Stock Exchange, including conventional bonds and Sukuk – since 2016 ISDB has listed 5 Sukuk on London Stock Exchange raising $5.6 billion.
- March 2018: Al Rayan dual-listed the largest Sterling Sukuk (£250 mn). Al Rayan became the first bank to issue a public Sukuk (Islamic bond) in a non-Muslim country, reinforcing the UK’s position as the western hub for Islamic finance.
- August 2017: SABB Sukuk Limited announced the establishment of a U.S.$2,000,000,000 Trust Certificate Issuance program on London Stock Exchange's Regulated Market.
- April 2017: Islamic Development Bank issues the largest Sukuk by a supranational globally for 2017.
- April 2016: ICD makes its debut in the global capital markets by listing its MTN in London and issuing a $300 million Sukuk.
- March 2015: London Stock Exchange launches dedicated Sukuk segments on its Fixed Income markets.
- Dubai Emirates Airlines, raised $913 million through a Sukuk issuance on London Stock Exchange in 2015. It was the first Sukuk certificate guaranteed by an export credit agency (ECA), the largest debt capital markets offering, conventional or Islamic, in the aviation sector with an ECA guarantee to date and the first Sukuk to be issued to raise finance prior to the delivery of an aircraft.
- In April 2014, the UK became the first country outside the Islamic world to issue a sovereign Sukuk, the UK Government listed a £200 million Sukuk on London Stock Exchange.
- There are currently three Shariah compliant Exchange Traded Funds on London Stock Exchange: the iShares MSCI World Islamic ETF USD; iShares MSCI EM Islamic ETF USD & iShares MSCI USA Islamic ETF.
- FTSE Russell, LSEG’s global index provider, has created a Shariah screened universe of investible stocks which underpin a number of innovative indexes, which includes amongst others the FTSE Shariah Global Equity Index Series.
- ELITE, LSEG’s business support and capital raising programme, was launched in Saudi Arabia in February 2018, in partnership with Monsha’at, the Saudi Small & Medium Enterprises Authority and in Morocco in 2016, in partnership with Casablanca Stock Exchange.