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The decision also includes regulations concerning ownership, and disposal of shares by partners
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Sukuk Market Shrinks, but Rebound Likely Soon
DUBAI – The market for Islamic bonds, or sukuk, shrank by 16 per cent during the first seven months of this year but could rebound in the near future thanks to a backlog of planned issuances, Standard & Poor’s said Wednesday.
Due to difficult market conditions, sales of Shariah-compliant debt declined to $9.3 billion during the January-to-July period from $11.1 billion during the same months of 2008, the credit ratings agency said in a report.
“The smaller amount of issuance was due not only to the still-challenging market conditions and drying up of liquidity, but also to the less-supportive economic environment in the Gulf Cooperation Council countries,” S&P credit analyst Mohamed Damak wrote.
“The medium-term outlook for the sukuk market remains positive as there is a strong pipeline with sukuk announced or being talked about in the market estimated at about $50 billion,” Damak said.
Tough market conditions, limited liquidity and a lack of standardisation — notably when it comes to the interpretation of Sharia — are all hampering growth in the sukuk market.
The Islamic bond market suffered defaults as the global credit crisis spread to the Middle East, hurting issuers in Kuwait, the UAE and Saudi Arabia.
abdulbasit@khaleejtimes.com
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