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30/01/2018 18:53 AST
Birmingham-based Al Rayan Bank has mandated banks to raise 250 million pounds ($352 million) via Islamic bonds, or sukuk, using a residential mortgage-backed securitisation, the sharia-compliant lender 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 300 million 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 sharia-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.
Reuters
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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03/04/2025
Oman Cables Industry (OCI), a leading cable solutions provider in the sultanate, has announced that it has delivered solid results for yet another year with its sales turnover for 2024 soaring to RO2
Trade Arabia
03/04/2025
Agility, a supply chain services, infrastructure and innovation company based in Kuwait, has delivered solid results for FY 2024 with KD1.53 billion ($5 billion) in revenue as its operating entities
Trade Arabia
03/04/2025
AD Ports Group has achieved record-breaking results in 2024, with its revenues soaring to hit AED17.3 billion ($4.7 billion) and its ebitda (earnings before interest, taxes, depreciation and amortisa
Trade Arabia
03/04/2025
WEG, a leading electric motor, variable frequency drives and gearbox manufacturer, has announced that it will support the Abu Dhabi National Oil Company (Adnoc) set up a 300-km crude oil pipeline pro
Trade Arabia
29/03/2025
China's President Xi Jinping urged a gathering of multinational CEOs on Friday to protect global industry and supply chains, as Beijing seeks to assuage foreign firms' concerns over the Chinese econo
Reuters
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