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Tue 24 Aug 2010 11:16 AM

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Global sukuk could hit $30bn in 2010 - report

Kuwait Finance House says sukuk issued globally jumps to $16.5bn in H1 2010.

Global sukuk issuance could reach $30bn in 2010, according to a new report by Kuwait Finance House (KFH).

The study said that sukuk issued globally jumped by 116.3m to $16.5bn during the first half of 2010, compared to $7.6bn during the same period last year, according to UAE daily Khaleej Times.

Total global Islamic bond issuance reached $20.2bn last year, up from $14.1bn in 2008, the report said.

KFH added that long-term prospects for the sukuk market remained strong given the increasing popularity of Sharia-compliant products, governments’ support for Islamic finance, huge investment and financing requirement in the GCC and Asia regions, and issuers’ desire to tap investors from the Middle East and Muslim Asia.

KFH said first quarter sukuk issuance was up by 114 percent year-on-year to $4.7bn, while second quarter issuance increased by 112 percent to $11.8bn, underpinned by an emerging markets-led global economic recovery and significant government stimulus packages and infrastructure spending.

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