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Sri Lanka Equity Forum » Stock Market Talk » LOLC Finance sets the benchmark in Sukuk issuances in South Asia

LOLC Finance sets the benchmark in Sukuk issuances in South Asia

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
LOLC Finance PLC has successfully issued a Rs. 500 million (US$3.37 million) Sukukfrom the domestic market, setting a precedent for corporate Sukuk issuances in South Asia.
It is also. Sukuk is commonly referred to as ‘Sharia’h compliant’ bonds which is a fast emerging source of alternative funding often referred to as Islamic Bonds.
The Sukuk Al Ijarah issuance of LOLC Finance was subscribed entirely by the Bank of Ceylon.
The three-year Ijarah facility proceeds will contribute to further develop the Islamic Finance capital market, by not only opening a new window for companies seeking Islamic Finance but also provide a viable investment instrument for any potential Islamic investor.
The Trustee to the issuance was HNB Custodial Services while Trillion Securities (Pvt) Limited acted as the financial adviser, arranger and lead manager. The Legal aspect was handled by Nithya Partners.
Krishan Thilakaratne, the Group Head of Islamic Financeof LOLC said, “As there has never been a Sukuk issuance in Sri Lanka, we had the challenge ofdrafting the agreements and arranging the parties. Further, we are building a fairly substantial Ijarah base and we have the capacity to go with a larger issue in the future. Ideally, we would like to get off shore investors buying the paper but there are hurdles to overcome such as exchange risk options.
Having successfully raised Islamic capital from the domestic market, LOLC Finance is focusing on capturing foreign funds, in a Sharia’h compliant manner. Backed by Japan’s multinational conglomerate ORIX Corporation,the LOLC Group is renowned for its strong international funding base.
Speaking about the landmark deal, D.M Gunasekera, General Manager of Bank of Ceylon (BOC) said, “The experience and the learning curve of this joint effort is one of the convergence the industry is vying for and therefore others too can join hands with us for win-win deals.”
Meanwhile, Sampath Kulatunga, Director / CEO of Trillion Securities (Pvt) Limited (TSL), the arranger and lead manager of the issue said, “The challenge to us was that this issue was the first ever SukukIjarah receivable securitization transaction, structured in the Sri Lankan capital market”.
Jonathan Alles, Managing Director and CEO of HNB commented that the Bank is proud to be appointed as the trustee to the Rs. 500 million Bank of Ceylon funded, Sri Lanka’s first Sukuk Bond of LOLC Finance PLC.

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