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Global sukuk market falls sharply
- Middle East: Wednesday, September 03 - 2008 at 11:46
The global sukuk market, which has doubled each year since 2004 and grown to $90bn, has declined sharply after a Bahrain-based group of Islamic scholars decreed in February that most bonds ran afoul of religious rules, reported Bloomberg. Sales of Shariah-compliant debt fell 50% in 2008 and prices dropped an average 1.51%, according to data from HSBC Holdings. Only one that complies with the edict has been issued since the edict, pushing up borrowing costs on projects including $200bn of real-estate developments in Abu Dhabi.
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Jeff Florian, Senior ReporterWednesday, September 03 - 2008 at 11:46 UAE local time (GMT+4)
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