Business | Markets

Issuance of sukuk gains momentum

After a slow start in 2008, the sukuk market is picking up again, said Standard & Poor's Ratings Services in a report published on Tuesday.

  • Staff Report
  • Published: 23:25 September 9, 2008
  • Gulf News

Dubai: After a slow start in 2008, the sukuk market is picking up again, said Standard & Poor's Ratings Services in a report published on Tuesday.

Total issuance stood at about $14 billion (Dh51.38 billion) in the first eight months of this year, down from about $23 billion (Dh84.41 billion) during the same period in 2007.

This lower level of issuance was largely due to the deteriorated conditions on the global markets resulting in lower investor interest in buying the paper and the related widening of credit spreads.

S&P said in a report titled "Sukuk Market Continues To Grow Despite Gloomy Global Market Conditions."

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