Non-islamic Countries Using Sukkuuk Islamic Bond Like Nigeria


Singapore was the first non-Muslim majority country
to issue a Sovereign Sukuk in 2009. Called the MAS
Sukuk domestically, it is issued via a wholly owned
subsidiary of the Monetary Authority of Singapore -
Singapore Sukuk Pte Ltd. The Singapore MAS Sukuk
is treated similarly to the conventional Singapore
Government Securities ("SGS"winkin aspects such as
compliance with liquidity requirements.
Since then there have been several Sukuk issuances
in Singapore by local and foreign issuers. Singapore
City Development Limited issued the first Ijara Sukuk
in 2009, and Khazanah Shd Bhd issued a SGD1.5
billion Sukuk in 2010 to finance its acquisition of
parkway holdings. In 2013, there were 2 new Sukuk
Programmes arranged for Singapore listed companies
- Swiber Holdings & Vallianz Holdings, with the former
issuing a SGD150 million 5 year sukuk in Aug 2013.

United Kingdom

On 25 June 2014, HM Treasury became the first
country outside of the Islamic world to issue a Sukuk.
This £200 million issue was 11.5 times
oversubscribed and was priced at the same level as
the equivalent UK Gilts (UK government bonds) at
2.036% pa. [104] The Sukuk was linked to the rental
income of UK government property


Hong Kong

Hong Kong has issued two sovereign Sukuk as of
middle of 2015. It issued its first issuance consisting
of a 5-year $1 billion Ijara Sukuk in September 2014
offering a profit rate of 2.005%. [105] It issued its
second sovereign Sukuk in June 2015 also for $1
billion with a 5-year maturity which used an
innovative Wakala structure offering a profit rate of
1.894%. [106]

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