Asset-backed financing (Sukuk) for developers
Fund the land and the build,
backed by the asset,
not by debt.
Sukuk are asset-backed certificates that let developers raise USD 50m+ from Islamic and conventional investors worldwide. Investors earn a return from the project’s assets instead of interest on a loan.
- Minimum issuance
- USD 50m
- Tenor
- 3–10+ years
- Route, indicative
- About 20–28 weeks
- Certification
- Independent scholars, per issuance
Sizes and timelines are indicative. Subject to Sharia certification, regulatory approval and definitive documentation.
New to Sukuk? Think of it as an asset-backed bond.
Instead of lending you money at interest, investors buy a share in the project’s assets and are paid from their income. The result is long-term capital from a deeper global investor pool, often at pricing competitive with conventional bonds.
- 1In a typical asset-backed structure, the developer transfers the asset (or a beneficial interest in it) to a transaction SPV.
- 2The SPV issues Sukuk certificates to investors.
- 3Subscription proceeds flow to the SPV.
- 4The SPV funds the project: land, construction, infrastructure.
- 5Investors receive periodic distributions and repayment under the structure’s terms.
Six reasons developers are choosing Sukuk.
- Dual investor pool
- Islamic and conventional capital alike, from regional and international investors.
- Competitive pricing
- Sukuk reach Islamic investors that conventional bonds cannot, which can support tighter pricing.
- Asset-backed stability
- Backed by tangible real estate — credible to investors through volatile cycles.
- Tenor and structure flexibility
- Three to ten-plus years; Wakalah, Ijarah, Murabaha, Mudaraba or a hybrid — matched to the project’s cash flows.
- Green and ESG fit
- Sustainable Sukuk issuance grew 38% year on year in 2025, drawing ESG-mandated funds into the order book.
- A listed credit curve
- A listing on Nasdaq Dubai or in London can help establish a credit curve for future raises.
As at 14 October 2026. Publicly reported market figures: S&P Global Ratings (January and July 2026), as reported by Khaleej Times and Business Today, with Refinitiv data cited by S&P. Rounded; shown for context, not as an offer.
Is your project eligible?
Five checks decide whether a project is Sukuk-ready. Four are about the project.
The one about you, your track record, is the one investors read first.
- Business viability
- A sound business plan and a clear path to profitability.
- Sharia compliance
- The underlying activity follows Islamic principles: no riba, no gharar, no prohibited sectors.
- Asset-backed
- Tangible assets — land, real-estate projects, receivables — back the issuance.
- Funding size
- Minimum issuance of USD 50 million. UAE developer benchmarks typically run USD 300–750 million.
Five steps, about 20–28 weeks.
- Consultation~1 weekYou, FastPay and our specialist Islamic finance partner discuss the project, the funding need and the goals, and whether the route is a fit.
- Structuring4–6 weeksOur specialist Islamic finance partner designs the Sukuk structure that fits the asset and the cash flows — Ijarah, Murabaha, Wakalah, Mudaraba or a hybrid.
- Sharia certification and regulatory approval3–4 weeksIndependent scholars certify the structure; regulatory and listing approvals are obtained.
- Issuance4–11 weeksThe certificates are issued and placed with investors; the proceeds fund the project.
- Ongoing supportOngoingMonitoring, periodic distributions and investor relations through to maturity.
Approximately 20–28 weeks from first consultation to a funded issuance. Sizes and timelines are indicative. Subject to structure, Sharia certification, regulatory approval and market conditions.
What our Islamic finance partner’s engagement covers.
Each issuance is reviewed and certified by independent Sharia scholars before launch. Listings on Nasdaq Dubai or the London Stock Exchange, with approvals from the relevant regulator (the DFSA, the FSRA, the UAE federal capital markets regulator for onshore offerings, or the UK FCA) where the structure calls for them.
Our specialist Islamic finance partner, an independent advisory firm, advises on the structure, coordinates certification by independent Sharia scholars and supports the subscription process alongside the issuer’s appointed lead managers. FastPay introduces you, runs the pre-check and manages the relationship from first enquiry to close.
- Structuring
- Ijarah, Murabaha, Wakalah, Mudaraba or hybrid — tailored to the asset and the cash flows.
- Sharia certification and audit
- Certified by independent scholars, with a full Sharia audit and ongoing supervision.
- Regulatory and listing approvals
- Preparation and filing support for the regulatory and listing approvals the structure requires; approvals are granted by the relevant regulator and exchange.
- Market research and investor mapping
- Comparable pricing, investor mapping and demand testing before launch.
- Subscription support
- Investor outreach and subscription support alongside the lead managers appointed for the issuance.
- Ongoing support
- Monitoring, periodic distributions and investor relations through to maturity.
Asked on every first call.
What is Sukuk, and how is it different from a loan?
Sukuk are Sharia-compliant trust certificates. Investors own a share of a real asset — land, a project, a pool of receivables — and earn returns from its performance rather than from interest. Principal is repaid at maturity or through redemption.
Is Sukuk interest-free?
Sukuk don’t pay interest. Investors earn rent or profit from the underlying asset. That return is a real cost of capital, set by the market much as a bond coupon is. What changes is the structure, not the economics.
Which projects qualify?
Real-estate projects with a sound business plan, tangible assets to back the issuance, a Sharia-compliant underlying activity, and a developer with a demonstrable delivery track record and balance-sheet stability.
What is the minimum issuance?
USD 50 million. UAE developer benchmarks typically run USD 300–750 million.
How long does an issuance take?
Approximately 20–28 weeks from the first consultation to a funded issuance, indicatively: structuring takes 4–6 weeks, certification and approvals 3–4 weeks, issuance 4–11 weeks.
What does it cost?
Fees are set in our partner’s engagement letter and depend on the size and structure of the issuance. We cover indicative costs at the first consultation.
Can projects outside the UAE apply?
Yes. We work with developers in the UAE and internationally; eligibility and structure are assessed project by project.
Who certifies Sharia compliance?
Independent Sharia scholars review and certify every structure, with a Sharia audit and ongoing supervision. Our specialist Islamic finance partner coordinates the certification; FastPay does not certify.
Does FastPay issue the Sukuk?
No. A transaction vehicle set up for the issuance is the issuer. Our specialist Islamic finance partner advises on the structure and coordinates its certification by independent Sharia scholars; placement is handled by the lead managers appointed for the issuance. FastPay introduces you to the partner and manages the relationship.
Tell us about the project.
Three pre-check questions give you an indicative read before you send. Our team replies within one business day, and the first consultation is where fit is first discussed.
Peter Lee, Founder & CEOpeterlee@fastpayfinance.com