Dubai plans to issue about $1.5 billion sovereign sukuk in Malaysia as the Gulf Arab emirate looks to tap the world's largest Islamic bond market to diversify its funding avenues, people with direct knowledge of the deal said on Wednesday.
Work on the $1.5 billion multi-currency programme was "more than 50 percent" under way but the plan was not final given the volatility in financial markets due to Ireland's debt troubles and tensions on the Korean peninsula, said one source not authorised to speak to the media.
"This will be the first foreign sovereign to issue ringgit (sukuk) in Malaysia," said the source who asked not to be identified as the plan has not been announced.
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