T here has been record trading of corporate Sukuk on the Malaysian market during 2005, but little trading in the Gulf, where Sukuk are usually held to maturity. This reflects the shortage of Sukuk relative to the available liquidity, and the fact that Islamic banks have few options for their treasury management and longer term asset holdings. These factors are unlikely to change in 2006. The lack of trading is also a consequence of most Sukuk being Ijarah based, with....