Besting the competition amid confident Islamic finance sector
Confidence is back in the Islamic finance market following the global financial crisis and despite the crisis in the Middle East and part of North Africa. The global sukuk issuance in 2010 exceeded the previous year’s volume by 20 percent and it is projected that the 2011 tally will surpass the record achieved in 2007.
Malaysia continues to drive the sukuk market and overseas issuers, such as the National Bank of Abu Dhabi and Gulf Investment Corporation GSC Kuwait, are raising funds in ringgit for the first time to diversify their funding sources. But the Gulf region is expected to be more active as well due partly to the Dubai World restructuring.
This is an exciting year for the Islamic finance industry and The Asset magazine is honouring the best and brightest among the issuers, borrowers, the banks and other industry participants. We will announce the best Islamic finance houses and best Islamic deals next week, so watch this space.
26 May 2011