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Global sukuk market falls sharply
- Middle East: Wednesday, October 15 - 2008 at 11:02
Sukuk or Islamic bond markets have witnessed a dramatic decline during the third quarter of 2008, according to the Islamic Finance Information Service. Global sukuk issuance in Q3 2008 dropped to $3.21bn, down from $11.34bn in Q3 2007. At the end of Q3 2008, total sukuk issuance for the year to date reached $14.77bn, 59% lower than the comparable amount in 2007 and even lower than the $18bn which the market reached by Q3 2006. IFIS believes the global credit crisis has led to the deterioration in sukuk markets.
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Jeff Florian, Senior Reporter
