Kuwait Finance House (KFH) has launched a USD3bn Islamic bonds programme that would mark its largest foray into the market for sukuk. KFH will issue the certificates via a special purpose vehicle incorporated in Dubai International Financial Centre, according to the sukuk prospectus. The certificates have been assigned a provisional (P)A1 senior unsecured long-term rating by Moody’s. The programme allows for issuance in multiple currencies, including China’s renminbi, and uses a hybrid structure that combines wakala and murabaha Shariah-compliant contracts. KFH has previously tapped the sukuk market through its Turkish subsidiary, Kuveyt Turk.
 
Kuwait Finance House: KWD0.52 as of 21 May. 2018, Rating: Buy, TP: KWD0.68/share, MCap: USD9,937mn, KFH KK/KFH.KW