Sukuk Perceptions and Forecasts - By Mohammed Al Sharaf - iCompetences IFC2012
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Transcript of Sukuk Perceptions and Forecasts - By Mohammed Al Sharaf - iCompetences IFC2012
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
SUKUK PERCEPTIONS AND FORECAST FOR 2013IFS 2012 Mohammed Al Sharaf, MBA Islamic Finance Advisor – Thomson Reuters
Marrakech – Morocco
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
SUKUK PERCEPTIONS AND FORECAST FOR 2013
AGENDA
HISTORICAL TRENDS OF THE GLOBAL SUKUK MARKET
INVESTORS BEHAVIOR AND INVESTMENT APPETITE FOR SUKUK
MARKET
SUBSTANTIAL ANALYSIS ON THE DEMAND AND SUPPLY IN THE GLOBAL
MARKET OF SUKUK
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
LOOKING BACK, WE FIND...KEY HISTORICAL TRENDS
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
SUKUK ISSUANCE HAS GROWN BOTH IN TERMS OF VOLUME AND ISSUER AND INSTRUMENT DIVERSITY...
1990 - 2000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q3 20120
10
20
30
40
50
60
70
80
90
100
110
120
130GLOBAL SUKUK TIMELINE (1990 - Sept 2012)$ blns
Kumpulan Guthrie Bhd World's 1st Int'l Corporate Sukuk
Malaysia 1st Int'l Sovereign Sukuk
IDB 1st Int'l Quasi-Sover-eign Sukuk
Caravan 1st Asset-Backed Sukuk
Dawama 1st Hybrid Sukuk (Ijara-Murabaha)
World Bank 1st Sukuk
Cagamas World's 1st Resi-dential Mortgage Sukuk
Durrat Al Bahrain 1st Int'l Hy-brid Sukuk (Ijara -Is-tisna)
Khazanah Nasional World's 1st Int'l Exchange-able Sukuk
Nakheel Sukuk, Dubai Real Estate Boom
Saad Group De-fault
DP World An-nounces Default
Mufti Taqi Usmani criti-cises 85% of sukuk as not sharia-compliant
Indonesia 1st Domes-tic Sovereign Retail Sukuk
ADIB Tier 1 Sukuk to Govt of Abu Dhabi
Danga Capital World's 1st Ren-minbi Sukuk
General Electric 1st USA Corporate Sukuk
NBAD 1st Ringgit Cross Border Sukuk
Qatar QR33 bil-lion Sukuk
Bank Al Jazira Tier 2 Sukuk
Pakistan Proposes New Sukuk Rules
Jordan Passes Sukuk Law
Axis 1st REIT Sukuk
Qatar 4 billion Eu-robond
Shell MDS Sdn Bhd World's 1st Ringgit Sukuk (1990)
Central Bank of Bahrain 1st Series of Int'l Sovereign Short Term Sukuk
Shell MDS Sdn Bhd, Malaysia
Govt of Bahrain
Indosat, Indonesia
Solidarity, KSA
Tabreed, Financing,
UAE
Govt of Pakistan
Govt of Brunei
Central Bank of Sudan
Central Bank of The
Gambia
Monetary Authority of Singapore
Nomura Holding,
Japan
Central Bank of Yemen
DBK, Kazakhstan
Qatar Global Sukuk
Saxony-Anhalt,
Germany
Al Safeena, UK
East Cameron Gas Co., USA
Kuveyt Turk, Turkey
Al Rajhi CementJordan
, JordanThe
Commercial Real Estate Co., Kuwait
Source: Thomson Reuters Zawya
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
...MOST SUKUK HAVE BEEN DEBT BASED AS MAJORITY ORIGINATED IN MALAYSIA.. HOWEVER, INVESTMENT BASED SUKUK
SLOWLY CATCHING UP...
Source: Thomson Reuters Zawya
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q3 YTD 2012
0
20
40
60
80
100
120
GLOBAL DEBT STRUCTURE SUKUK VS INVESTMENT STRUCTURE SUKUK HISTORICAL TREND ( Jan 02 - Sep 12)
Debt Based Sukuk Structure Investment Based Sukuk Structure
$ BILLION
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
...INTUITIVELY, REAL ESTATE, FINANCIALS AND OIL AND GAS COMMAND A DISPROPORTIONATE SHARE OF ISSUANCES IN THE
MENA REGION...
0
5
10
15
20
25
30
35
40
45
50
0
50
100
150
200
250
300
350
400
56
7 11 80
31
09 4 4
215
237
216
360
55
107
24
83
8
215
MENA vs MALAYSIAN CORPORATE AGGREGATE SUKUK ISSUED BREAKDOWN BY INDUSTRY (Jan 96 - Sep 12)
Malaysian Sukuk MENA Sukuk Malaysian Number of Issues MENA Number of Issues
$ blnNumber of Issues
Source: Thomson Reuters Zawya
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
2005 2006 2007 2008 2009 2010 2011 20120
20
40
60
80
100
120
60
70
80
90
100
110
DOW JONES GLOBAL SUKUK INDEX PRICE MOVEMENT (Oct 05 - Sep 12)
Sukuk Issued Price Movement
$ bln Index Price
Boom of Sukuk Market
Dubai Debt Crisis
Sukuk rallies and becomes in-vestors choice over US & Euro-pean ow market yields
Nakheel deafults & Abu Dhabi Government bails outDubai
Sukuk enjoys exceptional favorable pricing compared to conventional bonds (Cheaper by 50 bps as per HSBC data)
AAOIFI comments that 85% of sukuk are not sharia compliant
...WHILE PERFORMANCE AND ISSUANCE DIPPED DURING THE FINANCIAL CRISIS, SUKUK LARGELY REBOUNDED TO PROVIDE
EXCEPTIONAL PERFORMANCE GOING FORWARD ...
Source: Thomson Reuters EIKON
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
...YET SUKUK UNDERPERFORMED THIS YEAR WHEN COMPARED TO THEIR EMERGING MARKETS PEER...
1-Ja
n-12
8-Ja
n-12
15-Ja
n-12
22-Ja
n-12
29-Ja
n-12
5-Fe
b-12
12-F
eb-1
2
19-F
eb-1
2
26-F
eb-1
2
4-Mar
-12
11-M
ar-1
2
18-M
ar-1
2
25-M
ar-1
2
1-Apr
-12
8-Apr
-12
15-A
pr-1
2
22-A
pr-1
2
29-A
pr-1
2
6-May
-12
13-M
ay-1
2
20-M
ay-1
2
27-M
ay-1
2
3-Ju
n-12
10-Ju
n-12
17-Ju
n-12
24-Ju
n-12
1-Ju
l-12
8-Ju
l-12
15-Ju
l-12
22-Ju
l-12
29-Ju
l-12
5-Aug
-12
12-A
ug-1
2
19-A
ug-1
2
26-A
ug-1
2
2-Se
p-12
9-Se
p-12
16-S
ep-1
2
23-S
ep-1
2
30-S
ep-1
2
7-Oct
-12
14-O
ct-1
2
95
100
105
110
115
EMERGING MARKET INDICES VS SUKUK INDICES PERFORMANCE
Thomson Reuters Global Sukuk Index JPMorgan Emerging Markets Bond Index .DJSUKUK
Index price
Source: Thomson Reuters EIKON
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
...BUT IN MARKED IMPROVEMENT IN QUALITY, MOST OUTSTANDING SUKUK ARE USUALLY STRUCTURED TO COMPLY WITH AAOIFI STANDARDS / GUIDANCE AND
BACKED BY ASSETS...
Asset Backed
65%
Project Backed
3%
Asset Based22%
Hybrid10%
OUTSTANDING INTERNATIONAL SUKUK BREAK-DOWN
BY RISK CLASSIFICATION AS OF SEPTEMBER 30, 2012
AAOIFI Com-pliant72%
AAOIFI non
Com-pliant28%
OUTSTANDING INTERNATIONAL SUKUK BY AAOIFI COMPLIANCE AS OF SEPTEMBER 30,
2012
Source: Thomson Reuters EIKON
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
LOOKING TO THE FUTURE....SURVEY FINDINGS
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
I NEED DOLLARS... CURRENCY AND MARKET OF ISSUE PREFERENCES
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
INTERESTINGLY, ARRANGERS EXPECT A GOOD BALANCE BETWEEN LOCAL AND INTL. SUKUK WHILE INVESTORS GLOBALLY HAVE AN OVERWHELMING PREFERENCE FOR INTL SUKUK
Buy Side – Preference
South East Asian investors more keen to invest in domestic markets most likely due to excess local currency liquidity and better rates
International – Eurobond
Domestic – Local currency
20% 40% 60% 80%
71.7%
28.3%
53.6%
46.4%
SELL SIDE - Expectation
BUY SIDE - Preference
Asia Pacific
GCC
Rest of the world
0% 20% 40% 60% 80% 100%
International – Eu-robond
Domestic – Local currency
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
AND THIS IS REFLECTED IN THEIR DEMAND FOR US DOLLAR SUKUK
Buy Side – Preference
Perhaps surprisingly, there is some demand for Euro sukuk
…INVESTORS PREFER US DOLLAR OVERALL, BUT THERE IS GROWING APPETITE FOR OTHER CURRENCIES SUCH AS MALAYSIAN RINGGIT AND SAUDI RIYAL …
Indonesia Rupiah
US Dollar
Saudi Riyal
Malaysian Ringgit
Euro
Other
0% 10% 20% 30% 40% 50% 60% 70% 80%
0.0%
77.8%
6.1%
4.0%
4.0%
8.1%
0.0%
48.1%
11.1%
37.0%
3.7%
0.0%
SELL SIDE - Expectation
BUY SIDE - Preference
Asia Pacific
GCC
Rest of the World
0% 20% 40% 60% 80% 100%
Indonesian Rupiah
US Dollar
Saudi Riyal
Malaysian Ringgit
Euro
Other
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
NEW HORIZONS OR COMFORT ZONE?GEOGRAPHIC AND RISK PREFERENCES
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
SELL SIDE ARRANGERS EXPECTATIO
N
BUY SIDE INVESTORS PREFERENCE
High correlation between investors preference and arrangers expectation of sukuk issuance countries
INVESTORS STILL PREFER TO INVEST IN CORE SUKUK TERRITORY - TRADITIONAL GCC AND SOUTH EAST ASIA COUNTRIES WHILE ARRANGERS EXPECT A SIMILAR PATTERN
FranceGermany
ItalyOman
IndonesiaUSA
OtherKuwait
BahrainSingapore
UKQatar
Malaysia
Saudi Arabia
UAE
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
0.0%0.0%0.0%
2.2%3.7%3.7%3.7%
5.2%6.0%
7.5%8.2%
12.7%14.9%
15.7%16.4%
Other
Pakistan
Singapore
Indonesia
Bahrain
Malaysia
UAE
Saudi Arabia
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
4.1%
5.5%
9.6%
11.1%
16.2%
17.1%
17.3%
19.2%
GCC AND SOUTH EAST ASIA STILL COMMANDS HIGHEST PREFERENCE FROM INVESTORS
OUTLIERS
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
ARAB SPRING AND CIS COUNTRIES WOULD BE BEST PLACED TO ISSUE SUKUK GIVEN THE DISPROPORTIONATE SHARE OF INVESTOR PREFERENCE FOR THEIR PAPER
..WITH HIGH EXPECTATIONS FROM EMERGING ISLAMIC FINANCE COUNTRIES TO ENTER THE SUKUK MARKET..
Kenya
Yemen
Other
Morocco
Azerbaijan
Libya
Tunisia
Kazakhstan
Oman
Egypt
0% 10% 20% 30% 40% 50% 60% 70% 80%
SELL SIDE - Expectation
BUY SIDE - Preference
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
GFC JITTERS STILL PREVAILS WITH SOVEREIGN (LINKED) OR FINANCIALS REMAINING THE FAVOURITES
Real Estate
Power & Utilities
Telecommunication
Oil & Gas
Financial Services
State linked
Quasi-Sovereign
Sovereign
0 2 4 6 8
3.0
3.6
4.0
4.0
4.5
5.0
5.8
6.2
4.0
4.2
4.3
3.1
5.4
3.8
5.7
5.5
SELL SIDE - Expectation
BUY SIDE - Preference
WHILE INVESTORS STILL SHYING AWAY FROM CORPORATES…
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
CHASING RATINGS...
Buy Side – Preference
Despite Asian investors mostly preferring investment grade issues, they are more open to other options
…INVESTORS STILL PREFER TO INVEST IN SUKUK THAT ARE RATED AND INVESTMENT GRADE AND ABOVE. ..
Sub-Investment Grade (BB or B)
Indifferent
Investment Grade (BBB- / Baa3 and above)
A and above
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
8.1%
8.1%
67.7%
16.2%
7.1%
3.6%
82.1%
7.1%
SELL SIDE - Expectation BUY SIDE - Preference
Asia Pacific
GCC
Rest of the World
0% 20% 40% 60% 80% 100%
Sub-Investment Grade (BB or B)
Investment Grade (BBB- / Baa3 and above)
Indifferent
A and above
Strongly Dis-agree
2 3 4 5 6 Strongly
Agree
0
5
10
15
20
25
30
35
40
0
0.05
0.1
0.15
0.2
0.25
Buy Side: Rating of sukuk is important for my investment decision
Fre
qu
en
cy
Mean: 5.18Mode: 7
SD σ: 2.068
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
..AND LARGELY FAVOR ASSET BACKED SUKUK ..MOST INVESTORS PREFER ASSET BACKED SUKUK AS THEY ARE MORE SECURE AND GRANT RECOURSE TO BOTH THE OBLIGOR AND THE UNDERLYING ASSETS
Asset-Based Sukuk
Asset-Backed Sukuk
Project-Backed Sukuk
0% 10% 20% 30% 40% 50% 60% 70% 80%
21.4%
69.4%
9.2%
48.1%
33.3%
18.5%
SELL SIDE - Expecta-tion
Asia Pacific
GCC
Rest of the World
0% 20% 40% 60% 80% 100%
Asia Pacific
GCC
Levant
Rest of the World
0% 20% 40% 60% 80%100%
Project-Backed SukukAsset-Based SukukAsset-Backed Sukuk
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
AND STILL CONSERVATIVE ON TENOR …
Buy Side – Preference
The market is still averse to longer term papers
UNLIKE CONVENTIONAL BOND INVESTORS, ISLAMIC INVESTORS STILL PREFER SHORTER TERM PAPERS., POSSIBLY REFLECTING THE BANK HEAVY INVESTOR BIAS
Less than 1 year
1-3 years
3-5 years
5-10 years
10 years and above
0% 10% 20% 30% 40% 50% 60% 70% 80%
3.0%
17.2%
52.5%
26.3%
1.0%
0.0%
7.4%
25.9%
66.7%
0.0%
SELL SIDE - Expectation
BUY SIDE - Preference
Asset Management
Banking
Central Bank and Monetary Authororities
Conglomerate
General Financial Services
Investment Firms and Funds
Securities brokers and traders
Transpotation
0% 20% 40% 60% 80% 100%
10 years and above
5-10 years
3-5 years
1-3 years
Less than 1 year
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
WILL SUPPLY MEET DEMAND?
DEMAND AND SUPPLY EQUILIBRIUM ANALYSIS
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
SUPPLY
$125 billion - $150 billion
Above $150 billion
Less than $75 billion.
$100 billion - $124.9 bil-lion
$75 billion - $99.9 billion
0% 5% 10%15%20%25%30%35%40%45%50%
3.6%
3.6%
14.3%
35.7%
42.9%
What is the expected dollar amount of sukuk issuance in 2013?
Above 40 issues
35 - 40 issues
30 - 35 issues
Under 25 issues
25 - 30 issues
0% 10% 20% 30% 40% 50%
0.0%
3.6%
14.3%
35.7%
46.4%
What is the expected number of Eurobond (International USD) sukuk issuance in 2013?
2012 figures are around the $132 bln range.
Are arrangers being too conservative when projecting 2013 issuance levels?
Number of Eurobond issuances in 2012 were 25.
Are arrangers being too conservative when projecting 2013 issuance levels, when pipeline itself is around the 18-20 mark (Source: IFR)?
MOST ARRANGERS EXPECT ISSUANCE VOLUME AROUND THE $75-125 BLN RANGE WITH UP TO 30 EUROBOND ISSUES
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
DEMAND WHILE MOST ISLAMIC FINANCE INVESTORS WILL INVEST BETWEEN 20-100 PERCENT OF THEIR PORTFOLIO IN SUKUK AND LESS THAN OR AROUND $200 MLN
0 200 400 600 800 1000 120005
1015202530354045
0
0.0002
0.0004
0.0006
0.0008
0.001
0.0012In US dollar terms
$ (mln)
Frequency
0 20 40 60 80 1000
5
10
15
20
25
30
0
0.002
0.004
0.006
0.008
0.01
0.012
As a percentage of total portfolio
pct (%)
Frequency
ISLAMIC FINANCE INVESTMENT SUKUK INVESTMENT
0 200 400 600 8000
5
10
15
20
25
30
35
00.00020.00040.00060.00080.0010.00120.00140.00160.0018
In US dollar terms
$ (mln)
Frequency
0 20 40 60 80 1000
5
10
15
20
25
30
0
0.002
0.004
0.006
0.008
0.01
0.012
0.014
As a percentage of total portfolio value
pct (%)
Frequency
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
DEMAND AND SUPPLY EQUILIBRIUM
2008 2009 2010 2011 2012 2013 2014 2015 20160
50
100
150
200
250
300
350
400
450SUKUK DEMAND AND SUPPLY LEVELS (2012 - 2016)
Total Global Sukuk Matured Total Global Sukuk Issued Total Outstanding Global SukukTotal Outstanding Sovereign+Quasi Sovereign Sukuk Total Sukuk Demand
$ bln
Supply & Demand Gap: Sovereign & Quasi Sovereign sukuk issuance, and replacement of other investment grade papers will far from meet expected de-mand and the required level of is-suance.
WE PROJECT THAT SUKUK DEMAND WILL SURPASS SUPPLY BY ABOUT USD 250 BLN BY 2016 AT CURRENT SUKUK ISSUANCE GROWTH LEVELS
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
YET COST OF ISSUANCE STILL A HINDRANCE TO ACHIEVING DEMAND SUPPLY PARITYMAJORITY OF LEAD ARRANGERS BELIEVE THAT COSTS OF ISSUING SUKUK WILL STILL BE HIGHER THAN COSTS OF ISSUING CONVENTIONAL BONDS
Less than US$ 50K
$50K – $199K
$200K – $349K
$350K – $499K
Above $500K
5% 15% 25% 35%
28.6%
28.6%
21.4%
7.1%
14.3%
1%
2%
3%
4%
5%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
33.3%
46.7%
6.7%
6.7%
6.7%
Yes
No
0% 10% 20% 30% 40% 50% 60% 70%
40.7%
59.3%Sell Side – Expectations
The gap between the cost of issuing sukuk and the cost of issuing bonds is narrowing, due to bigger sukuk investor base (conventional + Islamic)
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
BUT BUYER BEWARE, SYSTEMIC SUKUK RISKS LOOMING..
STRUCTURE RISKS
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
STRUCTURE RISK REARS ITS UGLY HEAD AGAIN…
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD Q32012 0
2
4
6
8
10
12
14
16
18
INTERNATIONAL SUKUK ISSUED BREAKDOWN BY STRUCTURE (Jan 02 - Sep 12)
Ijara Musharaka, Mudaraba & WakalaHybrid Other
$ bln Structure Risk II Im-pact: Goldman Sachs $2 bln sukuk is put on hold after Commodity Murabaha structure questioned
Structure Risk I emerges: Mufti Taqi Usmani criticises 85% of sukuk (specifically Musharaka, Mudaraba and Wakala), as not sharia-compliant, due to Purchase undertakings at Face Value
Structure Risk II: Islamic Schol-ars Debate over Commodity Murabaha
Structure Risk I Im-pact: Musharaka and mu-daraba sukuk is-suances plunge
Structure Risk III: Ijara repur-chase un-dertaking questioned at the OIC Fiqh Acad-emy pro-ceedings, Sept 2012
SEVERAL PAST EXPERIENCES ON, POTENTIAL THAT THERE MAY BE ANOTHER STRUCTURE SHOCK TO SUKUK…
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
IJARAH STILL REMAINS FAVOURITE ..
Buy Side – Preference
Ijara and Wakala are most expected by lead arrangers, but Ijara is preferred by a majority of investors
DESPITE THE ISSUE WITH THE IJARA REPURCHASE AGREEMENT AT THE ISLAMIC FIQH ACADEMY, INVESTORS STILL PREFER IT OVER WAKALA …
Other
Hybrid
Murabaha
Mudaraba
Musharaka
Wakala
Ijara
0% 10% 20% 30% 40% 50% 60% 70%
1.0%
7.1%
10.2%
4.1%
3.1%
11.2%
63.3%
3.7%
22.2%
0.0%
7.4%
7.4%
29.6%
29.6%
SELL SIDE - ExpectationBUY SIDE - Preference
Asia Pacific
GCC
Levant
Rest of the World
0% 20% 40% 60% 80% 100%
Other
Hybrid
Murabaha
Mudharaba
Musharaka
Wakala
Ijara
ISLAMIC FINANCE GATEWAYTHE PULSE OF THE ISLAMIC FINANCIAL MARKETS
ISLAMIC FINANCE GATEWAY - DATA - RESEARCH - CONSULTINGREACH US: [email protected]
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