More Gulf sukuk issuers are expected to tap the Malaysian market in the coming months although global issuance would be lower this year due to turmoil in the Middle East, HSBC’s Malaysian Islamic banking head said.
Kuwait-based Gulf Investment Corporation and National Bank of Abu Dhabi both sourced funds from the Southeast Asian country in the past year, and the Dubai government is mulling a Malaysian sukuk sale, setting a trend of Gulf issuers looking outside the region for financing.
Malaysia is home to the world’s largest Islamic bond market and has an estimated $79 billion in excess liquidity.
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