Al Rayan Bank planning £250mn mortgage-backed Islamic bonds

07/02/2018 05:53 AST

Birmingham-based Al Rayan Bank has mandated banks to raise £250mn ($352mn) via Islamic bonds, or sukuk, using a residential mortgage-backed securitisation, the Shariah-compliant lender has 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 300mn 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 Shariah-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.


Gulf Times

News

Masraf Al Rayan launches Qatar ETF

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

QCB weighing proposal on combining three banks, says Masraf Al Rayan chairman

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

After breakthrough Islamic issuance, Al Rayan Bank eyes more RMBS in UK

21/02/2018

Al Rayan Bank is planning more securitisations backed by Shariah-compliant loans, after recently selling the UK's first deal tied to Islamic-style home purchase plans.

The bank expects to o

Gulf Times

Most Viewed Companies

Ticker Price Volume
CBD 6.66 4,211
KHALEEJI 0.08 2,442
OETI 0.60 0
ALKHALEEJTRNG 27.15 136,520
SIIS 0.69 7,680,390
NBB 0.49 500,000
BISB 0.00 0

Valuation

MARK Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
QIBK 21.20 -0.40 (-1.86%)
CBQK 4.22 -0.04 (-0.85%)
QIIK 10.90 0.05 (0.46%)
QNBK 17.70 0.19 (1.08%)
ABQK 3.70 -0.02 (-0.41%)

Recent News

EEC's capital optimization plan to shore up financial position and sustain growth: CEO

14/09/2024

RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <

Saudi Gazette

Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

12/09/2024

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces

Arab News

SABIC-MCC joint venture starts output

04/05/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

logo

Financial Information Co.

(MITCO), P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap