Perhaps kicking off a wave of future deals, Islam recently saw its first securitization, $150 million in Sukuk (trust certificates) and Al Ijara (leases) from Malaysian agricultural conglomerate Kumpulan Guthrie Berhad.

The deal was brought to the Malaysian market by arranger Bank Islam, via First Global Sukuk, a Labuan special purpose vehicle (SPV). Al Ijara are the Islamic-financing equivalent to leases and permit one party to use another party's property.

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