Sukuks
With specialist expertise and AFIB recognised, we list Islamic Finance-related structures, including Sukuks
QIBM lists several Islamic Finance-related structures, including those which issue Sukuk.
TISE is a recognised stock exchange by HMRC, fulfilling the AFIB framework requirements that enable Sukuks to benefit from the relevant tax treatment.
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. TISE is a popular destination for listing Sukuks affordably and issuers are classified as ‘All Other Debt Securities’ under our Listing Fees.
Case studies:
A leading Middle Eastern owner, operator and developer of shopping centres has multiple Sukuks listed on TISE with a combined value of US$2.35 billion, with the latest coming to the Exchange in 2025.
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.
Trust certificates under a Sukuk Programme ultimately owned by a Middle Eastern sovereign wealth fund and an investment manager. The proceeds will be used to part-fund a range of Murabaha Agreements, where the purchasers intend to invest in UK residential real estate.
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.
Fee Example: an issuer listing one security class
| Initial fees | Annual Fees | Year 1 Total: £9,100 Year 2+ Total: £1,750 |
|
| Issuer | £5,500 | ||
| Class | £1,600 | £1,750 | |
| Formal Notice | £250 | ||
| Sub-total | £7,350 | £1,750 |
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
Europe’s most comprehensive sustainable market segment, enabling the flow of capital into investments that promote environmental, social or sustainable activities.
Sustainable
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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