As one banker puts it, 2015 was all about getting liquidity for issuers and borrowers tapping the capital markets amid the volatile market environment.

And this was true was well for the Islamic finance market, which experienced a drop in the volume of sukuk issuance to US$63.5 billion for the year from US$116.4 billion in 2014, according to Standard & Poor’s.

But amid the slower issuance activity, the market saw several outstanding transactions that defined the Islamic finance industry in 2015. Garuda Indonesia in May 2015 priced a groundbreaking US$500 million ijara sukuk that represented the first non-sovereign sukuk out of Indonesia and the first unrated US dollar sukuk from an Asia-Pacific issuer – thus earning four major accolades as The Asset Triple A Islamic deal of the year, Best corporate sukuk, Best new sukuk and the Best deal for Indonesia.

The US$1.5 billion dual tranche wakala and murabaha sukuk by the Government of Malaysia was chosen as the Best sovereign sukuk over other worthy deals from the Republic of Indonesia, Hong Kong and Sultanate of Oman, as well as the Best sukuk. This was the world’s first sovereign sukuk to use services as the underlying assets and the 30-year tranche offering was the longest tenor for a sovereign sukuk to date.

Another airline Emirates won the Most Innovative sukuk for its US$913 million senior unsecured certificates that represented the world’s first sukuk financing supported by Export Credits Guarantee Department of the UK and the first time that a sukuk has been used to pre-fund an aircraft acquisition. It was also the largest ever capital markets offering in the aviation space with an ECA guarantee.

Malaysia’s sovereign wealth fund Khazanah Nasional won the distinction for the Best SRI (sustainable and responsible investment) sukuk for its 100 million ringgit wakala al istithmar sukuk. This is the first SRI sukuk in Malaysia and the proceeds will be used to improve accessibility to quality education in government schools through a public-private partnership.

As the first real estate investment trust (Reit) IPO listed on Bursa Malaysia in the past three years, the Al-Salam Reit share sale that raised 252.36 million ringgit was chosen as the Best equity deal.

The Asset also recognized several outstanding country deals in Asia and the Middle East. Country Garden Real Estate won the Best sukuk award in China as its 115 million ringgit offering was the first ever issued by a Chinese corporate-related entity and introduces the ringgit sukuk/bond market to Chinese issuers for diversification of funding sources.