UK sukuk 'RMBS' first

Category: RMBS

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Al Rayan Bank is marketing its first £250m sharia-compliant UK securitisation. Dubbed Tolkien Funding Sukuk No.1, the deal is a static securitisation backed by first lien Home Purchase Plans (HPPs) extended to 1,672 customers and secured by residential properties in the UK.

Moody's and S&P have assigned provisional ratings of Aaa/AAA to the £250m class A note, which represents the only offered tranche, although the current pool balance is approximately £301.4m.

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