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| HSBC Middle East Limited sukuk |
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HSBC Middle East this year issued the first sukuk to employ a dual structure consisting of both wakala and mudaraba elements. This innovative structure has already been emulated by other institutions, including First Gulf Bank and Abu Dhabi Commercial Bank.
The dual structure was developed in response to amendments to UAE laws dealing with foreign ownership and transfer of real estate. The new UAE law creates a registration cost that the new structure serves to avoid: Islamic real estate assets can be transferred into a sukuk portfolio without incurring the new registration cost.
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