Islamic Finance
At Fitch Ratings, we have been providing independent and objective credit ratings to the Islamic Finance market for over a decade. With
a strong track record in Islamic Finance, we rate more Islamic banks than any other global credit rating agency. We currently rate over 60
outstanding Islamic Finance instruments worldwide and more than 25 Islamic Finance based issuers.
Fitch’s Islamic Finance Group coordinates all Islamic Finance activities and expertise across the Sovereign, Financial Institutions, Corporates,
Structured Finance, Infrastructure, and Insurance teams. In addition to being involved in the rating process of Islamic Finance instruments,
the group monitors and reports on this rapidly growing sector through specialised research and commentary, as well as criteria development.
The Islamic Finance team spans various continents and time zones and brings a combination of local knowledge and a strategic global
perspective to this evolving sector.
Fitch Ratings’ Islamic Finance Coverage
EUROPE
ASIA
2 Islamic Finance Based
Issuers
7 Sukuk Issues
$4,160,000 Volume of Sukuk
Issuance (USD 000’s)
4 Sukuk
Programmes/SPVs
4 Islamic Finance Based
Issuers
13 Sukuk Issues
$8,247,954 Volume of Sukuk
Issuance (USD 000’s)
4 Sukuk
Programmes/SPVs
NORTH AMERICA
1 Sukuk Issue
Volume of Sukuk
$500,000 Issuance (USD 000’s)
1 Sukuk
Programme/SPV
MIDDLE EAST
20 Islamic Finance Based
Issuers
43 Sukuk Issues
$34,965,953 Volume of Sukuk
Issuance (USD 000’s)
23 Sukuk
Programmes/SPVs
AFRICA
1 Sukuk Issue
Volume of Sukuk
$500,000 Issuance (USD 000’s)
1 Sukuk
Programme/SPV
Islamic Finance Based Issuers by Sector
4%
1 Issuers
Volume of Sukuk Issuance by Sector
Islamic Finance Based Issuers by Region
Volume of Sukuk Issuance by Region
(USD 000’s)
8%
2 Issuers
39%
$18,800,000
15%
34%
$16,474,453
1% 1%
17%
9%
8%
88%
23 Issuers
<1%
$60,000
Corporates
Financial Institutions
9%
72%
77%
27%
$13,039,454
Africa
Asia
Europe
Insurance
Middle East
Sovereign/Supranational
North America
Data as of September 2015
Criteria
Fitch Ratings’ dedicated Islamic Finance criteria is outlined in the
criteria report Rating Sukuk and applies to originator-backed (also
called asset-based) sukuk structures, in which investors rely upon
obligor direct support features and contractual commitments
built into the sukuk documentation.
The originator typically incorporates a purchase undertaking,
whereby the obligor is committed irrevocably to repurchase
the assets on maturity (or earlier, in the event of any dissolution
event or default), covering in full the outstanding principal, and
any accrued but unpaid periodic distribution amounts in a timely
manner, during the life of a sukuk or at any dissolution event.
These criteria do not apply to asset-backed sukuk, which rely on
underlying collateral.
Research & Commentary
The Islamic Finance Group publishes a wide range of specialised research and commentary across sectors and regions on major
developments, industry outlooks, and market trends, including Rating Action Commentaries (RACs), Fitch Wires, and special
reports. Recent examples include:
• Sukuk Issuance Slows in 1H15; External Conditions Drag
• Fitch Rates Noor Sukuk’s New Trust Certificate Issuance
• Oman Central Bank Shows Commitment to Islamic Banking
Programme ‘A-(EXP)’
• Islamic Development Bank Affirmed at ‘AAA’; Outlook Stable
• Liquidity Initiatives Benefit Bahrain, UAE Islamic Banks
• Saudi Sovereign Borrowing Could Spur Corporate Sukuk
• Why a Centuries-Old Form of Financing is Hot Today
• Two Flourishing Financial Segments Crisscross
• Infrastructure Sukuk Challenge Significant But Achievable
• Fitch Rates Indonesia’s Proposed PPSI-III Sukuk ‘BBB-(EXP)’
• Fitch Rates Bahrain Mumtalakat Holding Company’s Trust
• Fitch Rates DIB Sukuk’s New Issuance ‘A(EXP)’
• Fitch Assigns Barwa Bank Q.S.C. ‘A+’ IDR; Outlook Stable
Certificate Issuance & EMTN Programmes
• New Sukuk Rules May Help UAE Expand into Regional Hub
Data as of September 2015
For More Information
For further information on Fitch’s Islamic Finance ratings, visit info.fitchratings.com/islamicfinance
Contact us
Hossam El Ansary
Director
Business & Relationship Management
Dubai
+971 4 424 1204
hossam.elansary@fitchratings.com
Bashar Al Natoor
Global Head of Islamic Finance
Dubai
+971 4 424 1242
bashar.alnatoor@fitchratings.com
About Fitch Ratings
Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and
prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional
context, perspective and insights we provide help investors to make important credit judgments with confidence.
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