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| UAE takes top honours in sukuk issuance |
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Reuters
Published: January 18, 2008, 23:12
Manama: The UAE was the world's top issuer of Islamic bonds or sukuk during the last seven years, contributing 36.2 per cent of global sale value, Kuwait's Global Investment House (GFH) said in a recent report.
Malaysia, which along with the Gulf is one of the world's Islamic banking hubs, came second, contributing 32.1 per cent of Islamic bonds by value, though Malaysia issued far more individual bonds, GFH said.
The world's largest Islamic bond worth $3.52 billion was sold in 2006 by Dubai property developer Nakheel.
The Islamic banking industry has boomed as more of the world's 1.3 billion Muslims seek financial services that comply with their beliefs, GFH said.
"As a result of the US policy towards certain financial organisations and charitable foundations, the Muslim world has reacted by expanding the demand for more Islamic banking," the investment house said.
Gulf investors are also attracted by higher returns from Islamic over conventional banking, while Western investors are drawn to Islamic investment products as a way to diversify their portfolios, GFH said.
There are now at least 300 Islamic financial institutions in 75 countries. |
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