MIDEAST DEBT-従来の banks' sukuk to 押し進める 限界s of Islamic 財政／金融
By Bernardo Vizcaino
Sept 14 (Reuters) - Islamic 社債 programmes from a trio of big 従来の banks are 始める，決める to 拡大する the 境界s of Islamic 財政／金融, helping open the market to first-time issuers while 実験（する）ing the banks' ability to 勝利，勝つ over 産業 purists.
Since June, フラン's Societe Generale, Bank of Tokyo-Mitsubishi UFJ (BTMU) and Goldman Sachs have 始める，決める up sukuk programmes, 目的（とする）ing to tap the pool of cash-rich Islamic 投資家s.
They are treading a 罰金 line, having to reconcile the fact that their 商売／仕事s mostly depend on 従来の banking practices - 利益／興味 支払い（額）s, and to some degree 通貨の 憶測 - which Islamic 原則s forbid.
An abortive 計画（する） by Goldman to 問題／発行する sukuk in 2011 showed the 障害s which 従来の banks can 直面する in the market. Some in the 産業 （刑事）被告 Goldman of failing to follow Islamic 原則s, and it never went ahead with that 問題／発行する.
But if the three banks are successful and become 正規の／正選手 sukuk issuers, they could help to 広げる Islamic 財政／金融 beyond its 核心 markets in the Middle East and southeast Asia.
政府s in 非，不，無-イスラム教徒 countries are already 問題／発行するing sukuk; Britain and Hong Kong made debut 問題／発行するs earlier this year, while South Africa and Luxembourg are next in line. The 入ること／参加（者） of 従来の banks into the market may be needed to 誘発する signif icant numbers of Western companies to 問題／発行する.
"It builds 信用性 in an 産業 that is attracting many new 関係者s," said Khalid Howladar, Moody's 投資家s Service's 全世界の 長，率いる of Islamic 財政／金融.
"重要な 財政上の 会・原則s 代表する 容積／容量 issuers in 円熟した markets. They will 改善する liquidity and encourage more 全世界の 投資家 参加."
Year-to-date, sukuk 発行 totals $88.9 billion through 475 取引，協定s globally, up from $76.4 billion through 574 取引，協定s a year earlier, によれば Zawya, a Thomson Reuters company.
But the market remains stubbornly reliant on 君主 and quasi-君主 issuers, who 代表する a 連合させるd 77 パーセント of the total; most 法人組織の／企業の sukuk come from Malaysia.
Only a few companies from 非，不，無-イスラム教徒 countries have so far 問題／発行するd sukuk, 含むing GE 資本／首都, which in 2009 raised $500 million through five-year Islamic 社債s 支援するd by 利益／興味s in a 大臣の地位 of 航空機, and Japanese 仲買業 Nomura Holdings, which in 2010 問題／発行するd $100 million of two-year sukuk in Malaysia.
CREDENTIALS
HSBC is the only 非，不，無-Islamic bank to have 問題／発行するd sukuk, through a $500 million 取引，協定 in 2011. Market 受託 of that 取引，協定 was 確実にするd in part by the fact that HSBC operates a major Islamic 小売 brand, HSBC Amanah.
SocGen and BTMU, Japan's largest 貸す人, do not have Islamic 小売 banking brands. So they have been building their Islamic 信任状 by 設立するing 戦略の 関係s with heavyweight Islamic 財政上の 会・原則s.
BTMU, which 始める，決める up its $500 million multi-通貨 sukuk programme in Malaysia in June, 調印するd in April a 協調 協定 with the Jeddah-based Islamic Corporat イオン for the 開発 of the 私的な 部門 (ICD), the 私的な 部門 arm of the Islamic 開発 Bank.
Last week, BTMU 延長するd $100 million in murabaha 財政／金融ing to the ICD, 場内取引員／株価 the first time that the ICD had raised cash from a 非，不，無-Islamic 財政上の 会・原則. Murabaha is a ありふれた cost-加える sale 協定 in Islamic 財政／金融.
The 参加 of 従来の banks in Islamic 財政／金融 is 肯定的な as long as they 確実にする 固守 to sharia 原則s in a way that is 許容できる to the market, the ICD said in a 声明 to Reuters.
"The 最近の murabaha 協定 示すs the first step along this path and we fully 推定する／予想する the 関係 to grow, develop and 強化する over the coming years."
SocGen, which also 始める，決める up a sukuk programme in Malaysia in June, 申し込む／申し出s sharia-compliant 商品／必需品 hedging 道具s to 法人組織の／企業の （弁護士の）依頼人s. Last year, it helped Dubai-based cable 製造業者 Ducab migrate most of its 商品／必需品 hedging needs into Islamic 同等（の）s.
"We know there are many 類似の companies to Ducab within the 地域 and we do hope they will 徐々に move into sharia-compliant programmes," said Dubai-based Mohamed Virani, SocGen's 長，率いる of Islamic 製品s.
"It's a natural 進歩 in the 進化 of the Islamic 財政／金融 market as it develops and 円熟したs."
DIFFERENT TACK
The biggest leap could be for Goldman, which is 見解（をとる）d by some in Islamic 財政／金融 as a symbol of Western 財政上の 工学. Though it 主張するd that its 2011 sukuk 計画（する） obeyed sharia 原則s and had enough certification from Islamic scholars, it is taking a different tack with this year's 計画（する）.
While the 2011 計画（する） was a $2 billion programme of one-year sukuk, the 現在の 計画（する） appears smaller; lead 経営者／支配人s said the 問題／発行する would be （判断の）基準-sized, meaning at least $500 million, and the tenor would be longer, at five years.
Goldman sought advice for its 最新の 計画（する） from two of the same scholars whom it 特記する／引用するd for its 2011 計画／陰謀, Abdul Sattar Abu Ghuddah and Mohammed Elgari, a source familiar with the 計画（する） said. This time, however, Goldman has also 明らかにする／漏らすd the banks arranging the 問題／発行する: Abu Dhabi Islamic Bank (ADIB), 首長国s NBD, 国家の Bank of Abu Dhabi and Saudi Arabia's 国家の 商業の Bank.
The 関与 of four 最高の，を越す 湾 banks, 含むing ADIB which has a sharia board led by the 目だつ scholar Taqi Usmani, may go a long way に向かって 除去するing the 疑惑s which dogged Goldman's 2011 計画（する）.
Goldman has also changed the structure of its sukuk 計画（する）. While its 2011 計画／陰謀 was based on murabaha, its 現在の 計画（する） has a hybrid structure and 想像するs operating only 49 パーセント though murabaha and 51 パーセント through a structure called wakala.
Under wakala, 証明書s are 問題／発行するd by an originator to buy 資産s which are given to an スパイ／執行官, who 告発（する），告訴（する）／料金s a 料金 for managing the 資産s, Some scholars favour wakala over murabaha because of its clearer link to the 資産s 支援 the sukuk; the HSBC 問題／発行する in 2011 was wakala, as are the 発行 計画（する）s of SocGen and BTMU.
The fact that the Goldman sukuk is predominantly wakala may 除去する one 反対 to its 2011 計画（する）: that the sukuk might be 貿易（する）d at prices other than par value. 貿易（する）ing wakala structures is 比較して uncontroversial, によれば scholars.
Hybrid 判型s have been used in the past by the likes of the Islamic 開発 Bank, Abu Dhabi 商業の Bank and Qatar International Islamic Bank, 連合させるing different Islamic structures の中で which at least one is tradeable to 確実にする the sukuk can be bought and sold in the 第２位 market.
Another 反対 to Goldman's 2011 sukuk, which the U.S. bank said was unfounded, was that the proceeds might be used in 利益／興味-耐えるing 財政／金融. Documentation for the 現在の sukuk 計画（する）, seen by Reuters, does not appear to 演説（する）／住所 that 問題／発行する 直接／まっすぐに, though it says proceeds would be used in the 商品／必需品s 商売／仕事 of J. Aron & Co, a Goldman 部隊.
"The thing they have to be most careful with is the use of the proceeds. They are a 従来の bank, so they need to show that the proceeds are going to sharia-compliant 目的s," said Shamsiah Mohamad, 上級の 研究員 at the Malaysia-based International Shari'ah 研究 学院. (付加 報告（する）／憶測ing by Al-Zaquan Amer Hamzah in Kuala Lumpur; Editing by Andrew Torchia)
