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07/02/2018 05:53 AST
Birmingham-based Al Rayan Bank has mandated banks to raise £250mn ($352mn) via Islamic bonds, or sukuk, using a residential mortgage-backed securitisation, the Shariah-compliant lender has said.
Al Rayan has appointed Standard Chartered and itself to arrange investor meetings ahead of what would be its debut sukuk and one of the first such transactions in Britain.
The proposed sukuk from Al Rayan, owned by Qatar's Masraf Al Rayan, would help fund its ongoing efforts to expand into commercial real estate, private banking and financing for small- and medium-sized businesses. Rating agency Moody's has assigned a provisional Aaa rating to the sukuk, which would consist of a portfolio of first lien Home Purchase Plans secured by residential properties, with a current pool balance of approximately 300mn pounds.
The sukuk would securitise contracts known as diminishing Musharakah with Ijara finance, akin to reducing co-ownership arrangements, secured by residential properties located in England and Wales.
Al Rayan is among more than 20 firms in Britain that offer Shariah-compliant financial products, including lenders such as Gatehouse Bank and the Bank of London and the Middle East.
Britain also plans to issue a sovereign sukuk in 2019 after it first tapped the market in 2014.
Gulf Times
22/03/2018
Qatar's first Shari'a-compliant exchange traded fund and arguably, the largest single-country Shari'a compliant ETF in the world was listed on Qatar Stock Exchange (QSE) yesterday. The Al Rayan Qatar
The Peninsula
02/03/2018
The Qatar Central Bank is evaluating a proposal on the three-way combination of Masraf Al Rayan, Barwa Bank and International Bank of Qatar (IBQ) that will pave the way for the creation of the countr
Gulf Times
21/02/2018
Al Rayan Bank is planning more securitisations backed by Shariah-compliant loans, after recently selling the UK's first deal tied to Islamic-style home purchase plans.
The bank expects to o
Gulf Times
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