Gulf sukuk market grows to US$4 billion

The Gulf’s sovereign Islamic sukuk (bonds) market grew to US$4 billion by the end of 2004.

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By  Richard Agnew Published  May 22, 2005

The Gulf’s sovereign Islamic sukuk (bonds) market grew to US$4 billion by the end of 2004, a top Bahrain Monetary Agency (BMA) official said last week. “The market for sukuks is now maturing and showing signs of increasing momentum. According to one estimate, the sukuk investments tripled in 2004 to US$6.7 billion,” said Rasheed Al Maraj, governor, BMA. “It is estimated that by 2006, close to US$10 billion of sukuk will be outstanding. BMA’s own sukuk Al Ijarah programme now runs in excess of US$1.1 billion,” he added. Al Maraj was talking at last week’s first International Islamic Financial Markets Conference (IIFMC). The conference, being held under the theme ‘Opportunities in the Islamic Capital & Money Markets’ covered various theoretical and practical aspects affecting the Islamic financial services industry, with particular focus on the sukuk and Islamic money markets issues.

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