While the Euro zone crisis has been weighing on investors' sentiment and on global economic prospects, the issuance of Islamic bonds witnesses a renaissance in East and West likewise.
Global issuances of Islamic Bonds, known as Sukuk, surged 55 percent year-on-year in the first quarter of 2012, reaching 43.5 billion U.S. dollars, according to market research agency Zawya.
Despite the escalation of the Euro zone debt crisis in Greece and Spain, where banks suffered withdrawals worth 800 million Euros (one billion dollars) and one billion Euros (1.25 billion dollars) respectively, weighing on global stock indices in recent weeks, new Sukuk issuances are in the global pipeline.
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