Sukuks
TISE welcomes listings of Islamic-finance related structures, including those which issue Sukuk.
Listing Islamic Finance-related structures is seamlessly facilitated by the Qualified Investor Bond Market (QIBM) Listing Rules as well as the Equity Market and Specialist Companies Listing Rules, where applicable.
There are several Islamic-finance related structures which are listed on TISE, including Shariah compliant debt, sukuks, as well as Shariah compliant funds. TISE also sees multiple examples of structures featuring a commodity Murabaha listing on our market.
Sukuk issuers are classified as ‘All Other Debt Securities’ under our Listing Fees, providing a cost-effective route to Listing.
Case studies:
- A real estate owner, developer and operator of modern retail spaces, including shopping centres and malls in the Middle East. Two sukuks with a combined US$1.475 billion in issue are listed on TISE, with the latest coming to the Exchange in 2024.
- In 2024 sukuk trust certificates were listed by the issuer which is the first Real Estate Investment Trust (REIT) to be incorporated in the United Arab Emirates and one of the world’s largest listed Sharia-Compliant REITs, with a portfolio composed mostly of commercial and education assets.
- A Sharia compliant structure issued notes listed on TISE which were used to fund the acquisition of the largest speculative Grade A office development ever to be undertaken in Belfast, Northern Ireland, by a leading Islamic Bank.
- One of London’s highly prominent, landmark office buildings located in the heart of the City was acquired using notes listed on TISE issued from an entity including a commodity Murabaha further up the structure.
- An Islamic Finance subsidiary of a major US financial services company listed $10 billion sukuk trust certificates on TISE. The amount raised is used for the purchase of equities or assets which are either listed on a relevant Islamic finance index, such as the Dow Jones Islamic Market World Index, or meet the guidelines of its Shariah Board.
- A UK real estate investment firm operating in the accommodation sector in central London advises the UK’s first Sharia compliant residential property funds of which one is listed on TISE.
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How to List Bonds on TISE
The submission process
The procedure for listing comprises four stages
1. Satisfying Listing Conditions
Before an application to list a security is considered for submission to TISE, the appointed Listing Agent is required to vet the application against certain conditions for listing prescribed within the QIBM Listing Rules.
Read MoreLess2. Application for Listing
The applicant, through its appointed Listing Agent, must submit certain documents as required by the QIBM Listing Rules. Documentation requirements include a Listing Document (which can also take the form of an existing published prospectus, offering memorandum or equivalent document) together with supporting documentation such as accounts or certain material contracts (where applicable) as well as the TISE 1 Form & Listing Agent’s Declaration.
Read MoreLess3. Approval
All applications for listing will be processed by the team in our Listing Department. Once satisfied with an application they will submit a report, including their recommendations to TISE’s Listing and Membership Committee (LMC) for the LMC’s consideration.
Read MoreLess4. Listing
If the LMC approves the application, the Listing Document is then filed and the securities are admitted to the Official List.
Read MoreLessKey reference points
The key points of reference for the listing process:
Appoint a Listing Agent
A listing application must be made via one of our dedicated listing members
Listing Rules
We provide a dedicated all-inclusive rule book which sets out a proportionate disclosure regime for all bond products & structures
Listing Fees
We offer payment solutions that can save issuers significant sums on both listing & admin costs versus other European listing venues
Continuing Obligations
Post listing continuing obligations can be located at chapter 3 of the QIBM Listing Rules
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TISE is one of Europe’s leading stock exchanges for international bond listings providing compelling differentiators when compared with other European listing venues.
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