IIFM Sukuk Analysis

Total Global Sukuk Issuance

(Domestic & International Sukuk - Best Estimate
including both Sovereign & Corporate issues)
120,000

110,000

100,000

90,000
88,698
80,000

70,000
MillionUS$

60,000

50,000

40,000
34,852
30,000 26,789
20,000 12,034
10,000 5,717 7,211
336 780 980
0
2000 2001 2002 2003 2004 2005 2006 2007 T otal
Year issued
Source: IIFM analysis and various sources 1
 IIFM Sukuk Analysis
Country-wise Breakdown
Year 2000 2001 2002 2003 2004 2005 2006 2007 Total Issued Total Outstanding
Bahrain 100 200 480 454 691 798 718 3,442 1,866
Kuwait 200 1,010 1,078 2,288 1,945
Saudi Arabia 400 418 500 818 4,350 6,486 6,458
Qatar 700 270 300 1,270 1,270
UAE 1,165 950 8,295 7,950 18,360 18,360
Pakistan 600 134 181 915 899
Malaysia 336 680 761 4,072 4,949 8,747 14,785 20,094 54,423 50,621
Indonesia 19 65 101 59 245 245
Brunei 513 80 593 377
Germany 123 123 123
UK 287 287 287
USA 166 166 166
Cayman Islands 100 100 100
Total 336 780 980 5,717 7,211 12,034 26,789 34,852 88,698 82,716
% Increase 132% 26% 483% 26% 67% 123% 30% 2
 Global Sukuk - Outstanding
Different Jurisdictions

Qatar Others Percentage of

Kuwait Global
Bahrain Pakistan
Country Outstanding
Saudi Arabia
Malaysia 63%
UAE 23%
Saudi Arabia 5%

Malaysia Bahrain 2%
Kuwait 2%
UAE
Qatar 2%
Pakistan 1%
Others 2%

Source: IIFM analysis and various sources 3

 Global Sukuk - Future Issuance
Sukuk in the pipeline - expected to be issued 2007 / 08 Bahrain 1950
Kuwait 3661.4
Saudi Arabia 3101
40000
Qatar 975.4
35000
UAE 36848.7
U S D M IL L IO N

30000
25000 Pakistan 1467.74

20000 Malaysia 5001.86

15000 Indonesia 2381.43
10000 Brunei 345.5
5000 Japan 400
0 Oman 200
Sudan 330
Pa E

an
ta r

an
Ma an

th a s t
I n a ys i a

n
u d w ai t

nd
K u in

ei
B r ia
Qa a
UA

da
e
J ap
i
a

Om
t

s
un

UK (est.) 500
r ab

i la
kis
hr

ne

uk
Su
l
Ba

do
iA

Thailand 337.18
Sa

China 200
COUNTRY
Total 57700.2
Source: IIFM analysis and various sources 4
 Total International Sukuk Issuance
(Sovereign & Corporate)
25000.00

22386

20000.00
Size in Million US$

15000.00

9923 9130
10000.00
8260

5000.00 3950
2781
1180 1000 1021 1350
800 400 600
250
0.00
2000 2001 2002 2003 2004 2005 2006 2007 Total

Year
Source: IIFM analysis and 5
other source
Sovereign Issued Corporate Issued
 Total Domestic Sukuk Issuance
(Sovereign & Corporate)
Total Domestic Sukuk Issuance - Sovereign & Corporate

60000.00

52514
50000.00
Size in Million US$

40000.00

30000.00

19770
20000.00
14306

10000.00 8545
4137 4709 4701
1210 2295
336 530 130 180 480 479 107
0.00
2000 2001 2002 2003 2004 2005 2006 2007 Total

Year
Sovereign Issued Corporate Issued

Source: IIFM analysis and various sources 6