It has emerged that the government of the United Arab Emirates is planning to issue new regulations governing the use of Islamic sukuk bonds in the region.
Islamic bonds are structured by bundling leasing transactions, in accordance with Sharia law, and are a popular choice amongst Arab and foreign investors due to the high rates of return available.
Overseas banks such as HSBC and Citigroup have been involved in sukuk issues in the past, and according to observers, international banks often assume the role of lead arranger in such issues.
Speaking to Gulf News regarding the publication of the proposed new rules, chairman of the Emirates Securities and Commodities Authority (ESCA), Abdullah Al Turifi explained that:
"The new rules and regulations are ready, but we are consulting banks and financial institutions to get their feedback. When they will be announced is a question of time, but we expect that to be before the year end."
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