Islamic bonds or Sukuk issued in the year ending 14th March 2007 was just US$16.6 billion, despite a 46% growth from the previous year. What is still lacking in this market and how can this be rectified?
The GCC countries and large economies like Egypt and Turkey need to adopt efficient special purpose vehicle (SPV) rules, asset-backed securities (ABS) rules and Sukuk-specific regulation. Currently, too many Arabian and MENA economies are issuing Sukuk under traditional bond rules and splitting jurisdictions for the SPV and the business deal. This creates risks and inefficiencies that may cause issuers and underwriters to shy away from issuance opportunities. ABDULKADER THOMASPresident, Shape Financial Idon’t think anyone can answer this question. It is....
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