Worldwide Islamic bonds sales set for record year

May 5, 2014 11:09 am

Global Islamic bonds sales surged in April to $6.1bn last month, the most since September and almost double March’s $3.5bn, setting the stage for a record year as Middle East issuers fund infrastructure projects, Bloomberg has reported. Saudi Electricity Co’s $2.5bn dollar sukuk offer was the biggest during the month, followed by a $614m sale by DanaInfra Nasional Bhd, a Malaysian state-owned company set up to finance a subway in Kuala Lumpur. Sales from the Middle East will pick up in the second half of the year, led by infrastructure developers, while government-guaranteed offers and companies seeking to refinance debt will account for the majority of Malaysian issuance, Badlisyah Abdul Ghani, chief executive officer at CIMB Islamic Bank in Kuala Lumpur, said