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Islamic Sukuk market continues to climb, recording $37.3bn

Middle East: Tuesday, October 30 - 2007 @ 15:37

The report by Islamic Finance Information Service (IFIS) showed that Malaysia Ringgit denominated Sukuk made up for 54% or $20.1bn of the global Sukuk market during Q3. The report also showed that Sukuk listed on the Dubai International Financial Exchange (DIFX) and London Stock Exchange (LSE) amounted to $16.14bn and $7.2bn respectively.

HSBC Amanah topped the Overall (International + Domestic) IFIS Bookrunners Sukuk League Table with total Sukuk issuance of $3bn as well as the International Sukuk Bookrunners table valued at $ 2.78bn. Meanwhile, CIMB Islamic led the IFIS Domestic Bond Bookrunners League Table with Sukuk issuance aggregating $1.97bn.

According to Firas Abi Ali, IFIS Senior Analyst,

“Analysts at Fitch and UBS confirm that some players in the GCC who were planning to announce deals are waiting until next year. However, the analysts added that the major and biggest issuers in the region are not as affected by the sub-prime crisis due to the size of the issuer, the high liquidity in the market and the Government – backing offered to many issuers.”

He added, “IFIS has tracked over $92.22bn worth of Sukuk worldwide from 2000 to date.”

Report highlights:

•The Government of Thailand plans its landmark Sovereign Sukuk issuance for 2008. The Government of Thailand is considering its first sovereign Sukuk in 2008 to help finance Infrastructure projects which include electricity, road extensions and mass transportation Projects in the Kingdom. The Thai Government is likely to mandate a Malaysian bank as a Financial adviser to help structure the Sukuk.

•Aabar Petroleum Investments approved sale of Sukuk worth $1.2bn. Aabar Petroleum Investments’ shareholders have approved the sale of convertible Sukuk worth up to US$1.2 billion. The company has not set a timeframe for issuing the Sukuk.

•BSE to list $1bn sukuk. The Central Bank of Bahrain (CBB) granted approval for the listing of the Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan) sukuk issue on the BSE. The issue will be largest sukuk issue to be listed on the Bahrain bourse.

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Tuesday, October 30- 2007 @ 15:37 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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