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Landmark $1 Billion Saudi Sukuk Listed On LFX,
by Carla Johnson, Investors Offshore.com
Wednesday, August 15, 2007
Dar Al-Arkan International Sukuk Company has listed its landmark US$1 billion
Sukuk Al-Ijara on the Labuan International Financial Exchange (LFX), it emerged recently, marking
the first Saudi corporate Sukuk to list on the LFX.
The Sukuk was arranged by a consortium of international banks on behalf of
Dar Al- Arkan Real Estate Development Company, a leading residential real estate
developer in the Kingdom of Saudi Arabia. The Sukuk has also been listed on
the Dubai International Financial Exchange (DIFX).
Launched in June, the Sukuk issue received an overwhelming response from institutions
across the Middle East, South East Asia and Europe. It was significantly oversubscribed,
raising close to US$1.5 billion, with Dar Al-Arkan opting to close the issue
at US$1 billion. The Joint Lead Managers and Joint Bookrunners of the transaction
were ABC Islamic Bank (E.C.), Arab National Bank, Deutsche Bank, Dubai Islamic
Bank PJSC, Gulf International Bank B.S.C., Kuwait Finance House (Malaysia) Berhad
and Unicorn Investment Bank B.S.C.(c). Unicorn Investment Bank B.S.C.(c) was
also the Shari’ah and Structuring Advisor. AmInternational (L) Limited
is the LFX Listing Sponsor for the Sukuk.
The landmark 5-year issue, based on an Ijara structure, marks the second Sukuk
to be issued by Dar Al-Arkan. In March this year, the company closed its inaugural
Sukuk at US$600 million, marking the first Sukuk to be issued by a Saudi corporate
in the international capital markets. The inaugural Dar Al-Arkan Sukuk is listed
on the DIFX.
Commenting on the Dar Al-Arkan Sukuk’s listing on the LFX, YBhg. Dato'
Yusli Mohamed Yusoff, Board Member of LFX and Chief Executive Officer of Bursa
Malaysia observed that: “This is truly a landmark event in the history of the LFX.
Given the growing interest on the part of investors from South East Asia in
Middle Eastern instruments, we hope the listing of this Sukuk on the LFX will
provide the platform to enhance the liquidity and trading of Sukuks among international
investors.”
Dato’ Yusli added that the Dar Al-Arkan Sukuk is the largest Sukuk listed
on LFX, and predicted that this listing will bring in new investors to the region.
Abdullatif Al-Shalash, Managing Director and board member of Dar Al-Arkan stated that:
“We are delighted to have the opportunity to list our latest Sukuk issue
on the LFX. The truly international nature of this Sukuk and the overwhelming
response from investors affirms the strength of Dar Al-Arkan’s business
model, our strong growth prospects and the confidence of the international financial
2 community in our strategy. Dar Al-Arkan is committed to playing a leading
role in providing affordable housing solutions that meet international standards
for middle income families across the Kingdom of Saudi Arabia.”
Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer
of Unicorn Investment Bank B.S.C.(c) commented: "The listing of this second
landmark transaction for Dar Al-Arkan on the LFX represents a further important
milestone in the development of the Islamic capital markets. We look forward
to continuing to partner with regional and international financial institutions
to expand the boundaries of the Islamic finance industry."
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