Business | Banking

Mashreq Al Islamic in sukuk talks with three entities

Three entities have the potential for benchmark-sized sukuk issuance

  • By Babu Das Augustine, Deputy Business Editor
  • Published: 13:05 October 10, 2011
  • Gulf News

Abu Dhabi: Mashreq Al Islami, the Islamic finance company belonging to Mashreq group, said on Monday that the company is in talks with three entities including corporates and government related entities to establish sukuk programmes. 

"There is enough liquidity in the market. It is time the sovereigns, GREs and corporate entities tapped this liquidity. We are pushing for establishing a local currency denominated sukuk market. Currently we are talking to three entities who have the potential for benchmark-sized ($500 million upwards) sukuk issuance," Moinuddin Malim, Chief Executive of Mashreq Al Islamic told Gulf News

The UAE has more than Dh1 trillion bank deposits. Experts say creation of an active sukuk market can attract these funds into the bond market.

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