Islamic banks turning toward Basel III sukuk | Economy | Saudi Gazette

Islamic banks turning toward Basel III sukuk | Economy | Saudi Gazette:



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The gradual implementation of Basel III accords since Jan. 1, 2013 has led to Islamic banks turning toward issuing Basel III compliant sukuk instruments in order to satisfy the revised capital standards, “Global Sukuk Weekly Report” released by Kuwait Finance House Research Limited said.



Since the issuance of the world’s first Basel III compliant sukuk in November 2012, Islamic banks in countries including the United Arab Emirates (UAE), Saudi Arabia and Malaysia have issued such innovative sukuk instruments.



To date, a total of eight Basel III compliant sukuks have been issued raising $4.93 billion in proceeds for seven different issuing banks. By domicile, Saudi Arabia accounts for 48 percent of the total Basel III sukuk outstanding; UAE 41 percent and most recently, Malaysian Islamic banks have begun to issue Basel III compliant sukuks and account for 11 percent outstanding."



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