|10-13-2014, 01:49 PM||#1|
Global Islamic bond sales to rise 5% in 2014, S&P says
Sales of global Islamic bonds are expected to increase by 5% this year, spurred by resurgence in issuance from the Arabian Gulf, according to a report by Standard & Poor’s Ratings Agency.
Islamic bond issuance has expanded by 30% in the GCC alone this year, driven mainly by strong economic prospects, increase government expenditure on infrastructure, and increased issuance from governments in the region.
‘We remain upbeat on the outlook for the GCC Islamic finance industry but we have seen mixe fortunes across sectors this year and a broad spectrum of structural issues,” said Stuart Anderson, S&P’s Middle East regional chief.
The sukuk sector has posted strong volumes in 2014, with issuance worth $20.3 billion as of October 5, which is 27% higher than the same period in 2013.
The sukuk sector has been significantly boosted by the rise in Islamic banks in the region.
An Islamic finance conference is to be held this week by S&P to discuss the outlook for the industry, with more emphasis on the role of regulations to further improve the development of the industry.
Demand for fixed-income securities in the United Arab Emirates has been on the rise in recent years as the country recovers from its debt crisis.
In a country with high domestic credit growth prospects, Islamic banks are expected to grow more notably than traditional banks in the upcoming period.
Also, UAE’s peg to the U.S. dollar has been highly helpful in boosting bond markets when compared to other emerging markets.
The record-low interest rates has made it attractive for investors to shift to the sukuk market to raise cash, considering low yields they receive amid record-low interest rates.
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