Malaysia, Saudi Arabia, UAE dominate the sukuk market in 2018. Reuters
Malaysia, Saudi Arabia, UAE dominate the sukuk market in 2018. Reuters
Malaysia, Saudi Arabia, UAE dominate the sukuk market in 2018. Reuters
Malaysia, Saudi Arabia, UAE dominate the sukuk market in 2018. Reuters

Global sukuk issuance up in 2018 as Sharia-compliant finance grows


Fareed Rahman
  • English
  • Arabic

Global sukuk issuance increased 5.5 per cent to $123.2 billion (Dh451bn) in 2018 as against $116.7 bn in 2017, according to the latest report from Bahrain-based International Islamic Financial Market (IIFM).

The report also notes that countries like Malaysia, Saudi Arabia, UAE, Indonesia and Bahrain dominate the global sukuk market while Turkey, Pakistan, Qatar, Oman and regions such as Africa in particular are likely to gradually increase their market share in the coming years.

“Sukuk’s commercial success should not lead us to ignore the underlying principles which are its distinguishing factors when compared to conventional bonds. Sukuk are an innovative way to raise financing in a Sharia compliant manner with link to the real economy,” said Khalid Hamad Abdulrahman Hamad, Chairman of IIFM.

“IIFM’s current initiatives on standardizing Sukuk Al Ijarah and Sukuk Al Mudarabah suite of documentation will address some of the critical issues which surfaced in recent cases of Sukuk defaults and restructuring.”

There has been a continued growth in sukuk issuance from sovereign issuers while the quasi-sovereign, corporate and financial institution issuance also remained stable contributing to an optimistic outlook for the sukuk market.

The study also identifies global sukuk (with issue size of $100m or above and with tenor of more than a year) set to mature during 2019 and 2020 will be around $73.34 bn.

Sukuk market is also likely to benefit from technological advancements in the area of FinTech (Financial Technology) and blockchain technology, according to Ijlal Ahmed Alvi, chief executive of IIFM.

“It is pleasing to note that the new issuances also include environmentally friendly Green Sukuk, Socially Responsible sukuk and blockchain related sukuk.”

A recent report from Deloitte also said that Islamic finance can play a significant role in financing solar and other alternative energy projects in the Middle East as countries put an emphasis on green energy to meet increasing demand.

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UAE currency: the story behind the money in your pockets
Gulf Under 19s final

Dubai College A 50-12 Dubai College B

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Points about the fast fashion industry Celine Hajjar wants everyone to know
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  • Fast fashion is responsible for 24 per cent of the world's insecticides
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  • Fast fashion labour workers make 80 per cent less than the required salary to live
  • 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
  • Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

Quick facts on cancer
  • Cancer is the second-leading cause of death worldwide, after cardiovascular diseases 
  •  About one in five men and one in six women will develop cancer in their lifetime 
  • By 2040, global cancer cases are on track to reach 30 million 
  • 70 per cent of cancer deaths occur in low and middle-income countries 
  • This rate is expected to increase to 75 per cent by 2030 
  • At least one third of common cancers are preventable 
  • Genetic mutations play a role in 5 per cent to 10 per cent of cancers 
  • Up to 3.7 million lives could be saved annually by implementing the right health
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  • The total annual economic cost of cancer is $1.16 trillion

   

Brown/Black belt finals

3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
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A%20QUIET%20PLACE
%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Lupita%20Nyong'o%2C%20Joseph%20Quinn%2C%20Djimon%20Hounsou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMichael%20Sarnoski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
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THE APPRENTICE

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War and the virus
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Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
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Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco

Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
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- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

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Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"