Mamoura Diversified Global Holding (Mubadala) stepped onto the international sukuk stage during the review period with a landmark $1 billion, 10-year sukuk that forwent traditional fixed-asset backing in favour of a bespoke, equity-based wakalah structure.

By deploying the group’s portfolio of publicly listed shares as underlying assets, the transaction became the first UAE-origin sukuk to treat Shariah-compliant listed equity as its principal asset class, signalling fresh flexibility for future issuers.

Investor appetite proved exceptionally strong.