News

Kuwait Finance House issues $3bn sukuk

Kuwait Finance HouseKuwait’s second biggest lender, Kuwait Finance House (KFH), is planning its biggest ever play in the Islamic finance market with the issue of a $3 billion Islamic bonds programme. According to the prospectus, the certificates have been given a provisional A1 rating by Moody’s and will be issued by a special purpose vehicle based in the Dubai International Finance Centre. The transaction will be jointly arranged by KFH Capital Investment Company and Standard Chartered Bank. No date or initial size for issuance has been specified as yet. The programme will cater for issuance in multiple currencies including the Chinese renminbi. It will employ a hybrid structure that combines two sharia-compliant contracts, wakala and murabaha, in a bid for increased trade convenience. ©2018 funds global mena

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