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US$550 million sukuk
transaction for Emirates airline, the seven-year deal was a structured on a
Musharaka contract. The Musharaka or joint venture was set up to develop a
new engineering centre and a new headquarters building on land situated near
Dubai's airport which will ultimately be leased to Emirates. Profit, in the
form of lease rentals, generated from the Musharaka venture will be used to
pay the periodic distribution on the trust certificates.
Sitara Chemical Industries
Ltd, a public limited company, made a public issue of profit-and-loss
sharing based term finance certificates (TFC?s) worth Rs 360 million which
were subscribed in June 2002. The TFC?s had a fixed life tenor of five years
and profit and loss sharing was linked to the operating profit or loss of
the Chemical Division of the company.
Kuwait Finance House (KFH), Liquidity Management Center (LMC) and Al
Muthanna Investment Company (MIC), the mandated lead arrangers launched US$
125 million Lagoon City Musharaka sukuk to support the Lagoon City
residential and commercial real estate development as part of Kheiran Pearl
City project.
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