IslamicFinance.de

The Securities and Commodities Authority (SCA) has issued a new set of regulations for the bonds and sukuk market cutting the minimum value of issuance from Dh50 million to Dh10 million. The regulations include a shortened approval time of five days, and the removal of the requirement to obtain a credit rating. Additionally, bond issuers are no longer required to provide a quarterly report as they may only provide an audited annual financial statement within 180 days of the year-end. The new set of regulations aims to give momentum to the market, and strengthen the UAE’s role as a financial hub for global Islamic economy. However, the regulations do not apply to government entities and companies wholly owned by the government.