Innovations Islamic 2016 196w


Despite the industry’s wider concentration challenges, Islamic finance can boast some impressive examples of innovation, particularly in wholesale financing. The wakalah structure has become commonplace, where once it was considered too structurally onerous; new markets have entered the fray in sukuk, such as Oman; and other cross-border transactions continue to be pulled together by enterprising scholars, bankers and lawyers. Euromoney looks at six of the strongest examples from the last 12 months:

Emirates Airlines UK Export Finance $913 million sukuk (Khadrawy)




Joint lead managers:
Abu Dhabi Islamic Bank
Dubai Islamic Bank
ENBD Capital
National Bank of Abu Dhabi
Standard Chartered Bank

Khazanah M$100 million ($18.2 million) sustainable and responsible investment sukuk (Ihsan)

Lead manager:

Malaysia $1.5 billion sukuk


Joint bookrunners:

Standard Chartered

Employees Provident Fund £132 million ($187 million) secured Islamic facility

Standard Chartered

Islamic Republic of Pakistan $100 million Islamic structured club facility

Lead arrangers:
Noor Bank
Standard Chartered

Government of the Sultanate of Oman OR250 million ($650 million) sukuk


Lead managers:
Bank Muscat
Standard Chartered