Sales of Islamic bonds may rise to $44 billion this year as demand outstrips supply and as Asian and Middle East investors tap the market complying with Islamic banking rulings, HSBC Holdings Plc said.
Companies and governments are tapping the Islamic bond market as borrowing costs decline amid rising investor demand. Global sales of sukuk, which pay asset returns to comply with Islam's ban on interest, rose to $10.7 billion this year from $125 million in the same period in 2011, according to data compiled by Bloomberg.
Offerings reached $26.5 billion last year, the second-best annual total after $31 billion in 2007. Tamweel PJSC plans to raise $300 million.
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