Islamic Sukuk Market Continues to Climb, Recording US$37.3bn

Click here: Zawya.com – Islamic Sukuk Market Continues to Climb, Recording US$37.3bn

The global Sukuk market has maintained its climbing pattern in Q3 2007, with total Sukuk issuance aggregating US$37.3bn- a notable growth of 110.7% over the previous year. The report by Islamic Finance Information Service (IFIS) showed that Malaysia Ringgit denominated Sukuk made up for 54% or US$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 US$16.14bn and US$7.2bn respectively.

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

The report also highlighted that 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.

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