Sukuk Issuance Advisory
National Finance Consultancy FZC provides independent corporate financial facilitation and transaction structuring. Guidance is tailored to UAE commercial standards, Central Bank regulations, and regional Shariah governance frameworks under the oversight of our Shariah Structuring Desk.
National Finance provides Sukuk advisory and consultancy for corporates, project sponsors, family businesses and public-sector entities in the UAE, the GCC, Africa and Asia. We help issuers decide whether Sukuk is the right route, choose a suitable structure, prepare their information and coordinate with the arrangers, Sharia scholars, legal counsel and other licensed parties who execute the issuance.
What is a Sukuk?
A Sukuk is a Sharia-compliant capital market certificate. Instead of lending money against interest, investors hold an ownership interest in underlying assets, a project, a service or an investment activity, and receive returns generated by that underlying. Under the UAE Securities and Commodities Authority’s Sukuk regulation, Sukuk are treated as ownership instruments rather than debt. Sukuk are used to raise funds for expansion, infrastructure, real estate, refinancing and working capital.
Common Sukuk structures
| Structure | How it works | Often used for |
|---|---|---|
| Ijara (lease) | The issuer sells or transfers assets to a special purpose vehicle, which leases them back; rentals fund the returns | Real estate and other income-producing assets |
| Wakala (agency) | An agent manages a pool of Sharia-compliant assets on behalf of Sukuk holders | Corporates and banks with mixed asset pools |
| Murabaha (cost-plus sale) | Commodities or assets are sold on a deferred, marked-up payment basis | Shorter-term funding; usually combined with other structures because it has limited tradability |
| Musharaka / Mudaraba (partnership) | Investors share in the profits of a venture under agreed ratios | Projects and joint ventures |
| Istisna (manufacture or construction) | Funds the construction of an asset delivered at a future date, often paired with Ijara | Infrastructure and development projects |
Many transactions combine structures (for example Wakala with a Murabaha component). The right choice depends on your assets, cash flows, investor base and Sharia board review.
Where a UAE Sukuk can be issued and listed
- UAE mainland: regulated by the Securities and Commodities Authority (SCA); listings on the Dubai Financial Market (DFM) or Abu Dhabi Securities Exchange (ADX).
- Dubai International Financial Centre (DIFC): regulated by the Dubai Financial Services Authority (DFSA); Nasdaq Dubai is one of the world’s leading venues for listed Sukuk.
- Abu Dhabi Global Market (ADGM): regulated by the Financial Services Regulatory Authority (FSRA).
Sukuk issues must be approved by a Sharia committee accredited by the relevant regulator, and many issuers also reference standards from AAOIFI (the Accounting and Auditing Organization for Islamic Financial Institutions).
The Sukuk issuance journey
- Feasibility: purpose of funds, size, tenor, currency and whether Sukuk beats bank or private financing.
- Structure selection: choose the structure and identify the eligible assets or business activity.
- Jurisdiction and venue: mainland, DIFC or ADGM; listed or private placement.
- Advisers and approvals: arranger, legal counsel, Sharia board, trustee and, for public deals, a credit rating.
- Documentation: offering document, transaction documents and Sharia pronouncement (fatwa).
- Marketing and pricing: investor presentations and book-building by the licensed arranger.
- Issuance and ongoing obligations: distributions, Sharia compliance reviews and periodic reporting.
How National Finance helps (advisory and consultancy)
- Sukuk readiness assessment: is your business, project or asset base suitable?
- Structure options paper comparing Sukuk with conventional and Islamic bank finance
- Information pack preparation: business overview, financials, asset details and use of proceeds
- Introductions and coordination with licensed arrangers, Sharia scholars, legal counsel and trustees
- Investor-presentation support and project management through to issuance
- Cross-border guidance for issuers and sponsors from the GCC, Africa and Asia using UAE markets
National Finance acts in an advisory and consultancy capacity. Securities arranging, underwriting, offering, listing and Sharia pronouncements are carried out by appropriately licensed institutions and scholars.
Is Sukuk right for you?
Sukuk usually suits organisations with an identifiable asset base or income-producing business, audited financial statements and a funding need large enough to justify transaction costs. Smaller requirements may be better served by Islamic bank finance or private Sukuk placements; we will tell you which route is realistic.
Frequently asked questions
Is Sukuk only for Muslim investors or issuers?
No. Sukuk are bought by conventional and Islamic investors worldwide, and non-Muslim companies and governments also issue Sukuk.
Can African or Asian companies issue Sukuk through the UAE?
Yes, international issuers regularly use UAE venues such as Nasdaq Dubai. Eligibility depends on the issuer, the structure and the rules of the chosen jurisdiction and exchange.
Does National Finance issue or buy Sukuk?
No. We provide advisory and consultancy and coordinate with licensed parties. We do not issue, underwrite or sell securities.
Free download: Sukuk Readiness Checklist (PDF). Score your readiness in 10 minutes.
Discuss your Sukuk requirement
Our Sukuk specialist can review your objectives in a confidential first consultation. Request a consultation and include the purpose of funds, approximate size, currency and country.
Related: Islamic Finance · Project Finance & Investment Structuring · Capital Raising Advisory
Educational information only. A consultation is not an offer of securities, investment advice, a Sharia pronouncement or a commitment that financing will be arranged. Information checked October 2026.
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