After spooking investors with a calamitous array of defaults and near misses, the Islamic bond market these days is looking less accident prone. So much so that one Kuwaiti research house forecast on Monday that global issuance this year could climb to $30bn.
The research house KFH also highlighted how Islamic bonds are “globalising”, as the stable of issuers broadens beyond the Gulf and Malaysia to unexpected outposts including Japan, and possibly the UK.
The research house says the market is experiencing a “remarkable recovery” from the effects of the global financial crisis, notching up $16.5bn of new issuance in the first half - more than double the amount in the same period last year.
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