Global sales of Islamic bonds, known as sukuk, could reach US$10 billion (Dh36.7bn) in 2009 after picking up in the second half of the year, Standard Chartered said on Monday.
That would mean a return to levels last seen in 2005, when new issuances reached $10.76bn according to Islamic Finance Information Service (IFIS). In the first three months of 2009, new issuances stood at $1.8bn, one third less than in the year-earlier period.
“We expect a pick-up in the next six months based on conversations with our customers,” Afaq Khan, chief executive officer at Standard & Chartered’s Islamic banking unit Saadiq, told reporters.
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