New faces in Sukuk market (By IFN)

GLOBAL: The global Sukuk market is expected to see the emergence of new faces going into 2013, such as in Pakistan where Meezan Bank’s Shariah board has given the go-ahead for airtime-backed Sukuk structures.

While the bank did not elaborate on any airtime Sukuk deals it is working on, any potential deal would be the country’s first airtime-backed transaction and could spell the beginning of a new phase for Islamic notes in the country.

To note however, is Malaysian telecommunications group Axiata Group’s US$1.5 billion multi-currency Sukuk program set up in July this year. The group, which owns Multinet Pakistan, has already issued a CNY1 billion (US$160.5 million) Sukuk under the program. Could Meezan Bank’s approval of airtime Sukuk signal a further issuance from the program?


Monday 3^rd December 2012