November 2014
Intermediate to advanced
192 pages
6h 12m
English
Content preview from Sukuk Securities: New Ways of Debt Contracting
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CHAPTER 5 Samples of Sukuk Issued
This chapter provides some real-world examples of already issued sukuk securities from different countries. Sukuk first came to the public exchange market in 1990, when Shell MDS offered an Islamic debt instrument and listed it for trading. Before this date, sukuk debt instruments were offered in over-the-counter markets and, in later years, in exchanges in countries other than Malaysia, which in 2014 accounts for four-fifths of the value of listing (see Table 5.1).
Table 5.1 List of Notable Sukuk Issuances in Malaysia
| Issuer | Amount | Year | Transaction Highlights |
| Shell MDS | RM125 million (US$33 million) | 1990 | World’s first ringgit sukuk issuance by foreign-owned, non-Islamic company |
| Kumpulan Guthrie Bhd | US$150 million | 2001 | World’s first global corporate sukuk |
| Government of Malaysia | US$600 million | 2002 | World’s first global sovereign sukuk |
| International Finance Corporation (World Bank) | RM500 million (US$132 million) | 2004 | First ringgit sukuk issuance by supranational agency |
| Cagamas MBS Bhd | RM2.05 billion (US$540 million) | 2005 | World’s first Islamic residential mortgage-backed securities |
| PLUS | RM9.17 billion (US$2.86 billion) | 2006 | Complex and innovative structure—conversion of existing debts of PLUS info Islamic financing |
| Khazanah Nasional (Rafflesia Capital Limited) | US$750 million | 2006 | World’s first exchangeable sukuk |
| AEON Credit Services | RM400 million (US$125 billion) | 2007 | First Japanese-owned company issuing sukuk |
| Nucleus ... |
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