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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
05/05/2025
AlRayan Bank has concluded its participation as the Diamond Sponsor of the 'Qatar CSR Summit 2025', which was held under the patronage of leading national institutions and attended by prominent figur
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
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07/05/2025
Saudi Basic Industries Corporation (SABIC), one of the world's largest petrochemical companies, reported a net loss of 1.21 billion riyals ($322.6 million) for the first quarter of 2025, reflecting c
Asharq Al Awsat
07/05/2025
Abraj Energy Services, Oman's leading oil and gas services provider, has announced the award of a significant new contract by BP Exploration (Epsilon) Limited, marking a renewed collaboration between
Muscat Daily
07/05/2025
Adnoc Distribution, the UAE's largest fuel and convenience retailer, reported a record Q1 EBITDA and fuel volumes that drove double-digit year-on-year (y-o-y) earnings growth.
For the first
Trade Arabia
07/05/2025
Saudi Arabian Mining Company (Maaden), one of the world's fastest growing mining companies, today reported a revenue of SAR8.51 billion ($2.27 billion) for the first quarter of 2025, a 16% year-on-ye
Trade Arabia
07/05/2025
Saudi Arabia's national carrier, Saudia, is actively accelerating its fleet and network expansion plans. The airline is making significant moves, including major aircraft orders and pushing for faste
Arab News
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