- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:29 06:48 12:14 15:11 17:33 18:52
Sukuk issuances increased to $137 billion in 2012 as compared to $92.4bn in the previous year, said International Islamic Financial Market (IIFM) in a new report on sukuks.
Ijlal Ahmed Alvi, Chief Executive Officer of IIFM, said: “The last two years were record years of Sukuk issuances which reached $92.4bn and $137bn in 2011 and 2012, respectively. This year has also started on a positive note and as per the report over $11bn worth of Sukuk was issued in January 2013 and the growth trend is expected to continue in coming years”.
“An interesting trend or innovation in Sukuk issuances also highlighted by this report is Sukuk issuance in non-local currency such as an issuer based in UAE issuing a Sukuk in Malaysian Ringgit and an issuer based in Malaysia issuing a Sukuk in Chinese yuan etc., this is another positive development and will certainly further contribute in the development of the Sukuk market. The risk arising from currency or rate of return mismatches can be managed by Islamic hedging documentation and product standards being published by IIFM and ISDA and will provide further confidence to investors in Sukuk,” said Alvi.
Another salient feature of this report is the clarification on the meaning and types of Sukuk Al Istithmar (Investment Sukuk) in order to provide more beneficial information to the market.
Follow Emirates 24|7 on Google News.