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| Al-Omar: Sukuk is the most prominent tool globally in financing governmental and corporate projects |
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Kuwait Finance House (KFH) General Manager Mohamed Sulaiman Al-Omar, stressed during a meeting in Dubai with the executive presidents the importance of sukuk as a legitimate financial product that replaces bonds, in supporting development plans, and the expansion of governments and corporate in the coming period, in light of the great demand for Islamic financial products and services in general, and sukuk specifically. Sukuk worth $16 billions are expected to be offered all over the world by the end of this year, and $225 billions during the coming 3 years, while GCC countries need to finance projects worth $800 billions during the coming 10 years.
He demonstrated the development of Islamic banks in general and KFH specifically, including its leadership factors that are highlighted by innovative products and services that the bank offers, including sukuk. Al-Omar expects that sukuk will become one of the official tools in the monetary policy, after the central banks started encouraging a suitable legitimate environment for its first or second issues, whether the sukuk belonged to government or regular corporate sukuk. Sukuk have firmly been rendered as a prominent financing tool that is backed up by real assets with low risks; thus, it is a tool that attracts investors, and a vital source that pumps money into projects and major expansions. This is why sukuk are unique as a new method of financing, approved by corporate and governments, to gain money without minimizing their direct income. We see this goal clearly in the inclination of south East Asian countries and GCC countries to issue sukuk, in spite of their high income. |
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