The unrest in the Middle East is unwittingly boosting the Islamic finance market in Malaysia, with companies in the GCC already tapping the country's established sukuk market.
Kuwait's Gulf Investment Corp (GIC) just issued its maiden local currency sukuk, becoming the first GCC issuer in the Malaysian sukuk market. The 600m Malaysian ringgit ($164m) sukuk is an inaugural issue from GIC’s $1.1bn sukuk Medium-Term Note programme, and is GIC’s third bond offering in Malaysia. There are bound to be more as issuers - and some investors - seek the stability of the Malysian Islamic market.
"GCC issuers have to look elsewhere, and Malaysia’s is the most established sukuk market. I'm not sure GCC investors would come so soon, as they are yield-driven and our yields are quite tight," said Raja Teh Maimunah, global head of Islamic Markets at Bursa Malaysia.
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