Al Rayan Bank plans $352mln mortgage-backed sukuk

SYDNEY  - Birmingham-based Al Rayan Bank has mandated banks to raise 250 million pounds ($352 million) via Islamic bonds, or sukuk, using a residentia

SYDNEY  – Birmingham-based Al Rayan Bank has mandated banks to raise 250 million pounds ($352 million) via Islamic bonds, or sukuk, using a residential mortgage-backed securitisation, the sharia-compliant lender said.

Al Rayan has appointed Standard Chartered and Masraf Al Rayan to arrange investor meetings ahead of what would be its debut sukuk and one the first such transactions in Britain.

The proposed sukuk from Al Rayan, owned by Qatar’s Masraf Al Rayan MARK.QA , would help fund its ongoing efforts to expand into commercial real estate, private banking and financing for small- and medium-sized businesses.

Rating agency Moody’s has assigned a provisional Aaa rating to the sukuk, which would consist of a portfolio of first lien Home Purchase Plans secured by residential properties, with a current pool balance of approximately 300 million pounds.

The sukuk would securitise contracts known as diminishing musharakah with ijara finance, akin to reducing co-ownership arrangements, secured by residential properties located in England and Wales.

Al Rayan is among more than 20 firms in Britain that offer sharia-compliant financial products, including lenders such as Gatehouse Bank and the Bank of London and the Middle East.

Britain also plans to issue a sovereign sukuk in 2019 after it first tapped the market in 2014.

($1 = 0.7107 pounds)

(Reporting by Bernardo Vizcaino; Editing by Eric Meijer) ((Bernardo.Vizcaino@thomsonreuters.com; Telf: +61293218168; Reuters Messaging: bernardo.vizcaino.thomsonreuters.com@reuters.net))

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