Sukuk Issuance

Ijara, murabaha, manfaa, salam and musharakah sukuk on the capital market

For companies that need large, long-term money, sukuk bring it from the capital market instead of a bank. We help you pick the right type for your assets and cash flows, model the cost and the repayments, and prepare the company for approval, working alongside the licensed issuance adviser, guarantor and underwriter until the certificates are sold.

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When clients call us

You need large amounts for several years and bank limits are not enough
You own assets (buildings, machinery, a fleet) that can back ijara sukuk
You want to fund a project or buy inputs ahead with murabaha or salam sukuk
You want to replace expensive short-term debt with longer, fixed-cost money

What we do

Choosing the type: Ijara, murabaha, manfaa, salam, musharakah or istisna, matched to your assets, sales and purpose.
Cost and structure: Amount, term, profit rate, payment schedule and the full cost including guarantor, underwriter and market-maker fees.
Readiness: Audited statements, credit rating, the assets or contracts behind the issue and the documents regulators ask for.
Guarantor and underwriter: Finding and negotiating with banks and investment banks to guarantee, underwrite and make a market in the certificates.
Approval and issue: Working with the licensed issuance adviser through Securities and Exchange Organization approval and the sale on TSE or Farabourse.
After the issue: Payment schedule, reporting and planning the next issue or refinancing.

Types of sukuk and what each is for

Ijara Leasing

The company sells an asset (buildings, machinery, a fleet) to the special-purpose vehicle and leases it back; the rent pays the profit and the asset returns to the company at the end.

Used for: Freeing cash tied up in existing assets, or financing a new asset.

Murabaha Cost-plus sale

The vehicle buys goods, raw materials or equipment for cash and sells them to the company on instalments.

Used for: Working capital and buying inputs.

Musharakah Partnership

Money is raised for a defined project and holders share in its profit, usually with a provisional profit paid along the way.

Used for: Development and construction projects.

Manfaa Usufruct

The future use of an asset or service (hotel capacity, airline seats, services) is sold in advance.

Used for: Service companies without enough fixed assets for ijara.

Standard parallel salam Forward sale

A standard product (steel, petrochemicals, oil products) is sold now for delivery later, with a parallel salam contract to manage the risk.

Used for: Producers of standard commodities that need working capital.

Istisna Manufacturing order

The vehicle orders the building of an asset (a plant, building or equipment) and pays as construction progresses.

Used for: Financing construction of a project.

Debt purchase Receivables

The company's deferred receivables, such as instalment sales, are sold to the vehicle at a discount.

Used for: Turning receivables into cash.

Free tools for this service

Cost of FinancingTrue annual cost after fees, deposits and guaranteesFree WACC calculatorThe minimum return the company's projects must earnFree Financing RoutesWhich financing routes fit your companyFree Markets MonitorBenchmarks and briefings on private markets and fundsFree

How we work

FitWhether sukuk is the right route, which type and roughly at what cost.
PreparationAudit, rating, assets and documents.
Parties and approvalGuarantor, underwriter, issuance adviser and regulator approval.
IssueSale on the exchange and payments on schedule.

Common questions

Is sukuk only for listed companies?

No. Unlisted companies can issue too, but they need audited accounts, a guarantor and a size that justifies the fixed costs.

What makes sukuk expensive or cheap?

The profit rate the market accepts, the guarantee fee and the other parties' fees. We model the full cost before you decide.

Do you issue the sukuk yourselves?

No. We advise the company; licensed issuance advisers, guarantors and underwriters carry out their own roles.

Talk to a partner

Tell us about your situation. A partner replies within one working day.

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