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UAE Laws and Islamic Finance

 

 

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The East Cameron Gas Sukuk Summary

 

Sukuk Name: East Cameron Gas Company Sukuk

 

Issue Size: USD $165,670,000

 

Closing Date: 15 June 2006

 

Shari’ah structure: Musharakah

 

Currency: USD

 

Maturity/Tenor: 13 years

 

Underlying Assets: Oil and gas

 

Rated by: Standard & Poor’s

 

Rating: CCC+ to CC and in March 2009 D

 

Payments: Quarterly

 

Return: 11.25%

 

 

 

The General Electric Sukuk Summary

 

Sukuk Name: GE Capital Sukuk

 

Issue Size: USD $500,000,000.00

 

Closing Date: Shari’ah structure: Ijarah

 

Currency: USD

 

Maturity/Tenor: 5 years due for maturity in November 2014

 

Underlying Assets: Aircraft leases

 

Rated by: Standard & Poor’s

 

Rating: AA+

 

Payments: Semi- annually (May and November, due in 2014)

 

Return: 3.875%

 

 

 

The Goldman Sachs Sukuk Summary

 

Sukuk Name: Goldman Sachs Sukuk

 

Issue Size: USD $500 Million

 

Closing Date: Shari’ah structure: Wakalah

 

Currency: USD

 

Maturity/Tenor: 5 years due for maturity in September 23, 2019

 

Underlying Assets: Wakalah Portfolio with 51% invested in Shariáh Compliant commodities and 49% in Murabahah Contracts under which a deferred payment price of US $507,663,000 is payable.

 

Rated by: Standard & Poor’s

 

Rating: A-/A+

 

Payments: Semi- annually (March and September, due in 2019)

 

Return: 2.8444%

 

  

 

FAAIF Limited is a legal and management consultancy firm servicing clients in Islamic banking, finance, and takaful.  FAAIF Events is an events production and management company. http://www.faaif.com 

 

 

 

 

 

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