| 08.03.2012 - The duality of Saudi Arabia's first sovereign Sukuk |
| The media has reported that the Saudi Arabian General Authority for Civil Aviation's sukuk, which raised SAR 15 billion, is structured as a Murabaha product. However, if you look closely at the offer document, it is clear that there are two structures - Mudarabah and "questionable" Murabaha. The sukuk portfolio constitutes 51% Mudarabah and 49% Murabaha. Such a structure would make it a tradable instrument...............................................Full Article: Source |