From: IFIS - Islamic Finance Information Service
[mailto:[email protected]]
Sent: Wednesday, February 11, 2009 6:35 AM
To: [email protected]
Subject: Good Prospects for Global Sukuk Issuance Sets Backdrop for Asia
Sukuk Summit
Good Prospects for Global Sukuk Issuance Sets Backdrop for Asia Sukuk Summit
11 February 2009
"Despite a dramatic decline in volumes in 2008, the long-term perspectives
for global Sukuk issuance are still good"
Standard & Poor's Ratings Services, 14 January 2009.
Standard & Poor's (S&P) suggests that the market for Sukuk declined sharply
in 2008 as a result of global market turmoil, drying up of liquidity,
widening of credit spreads and investors' wait-and-see attitude. The report
puts the conservative estimate of the pipeline of Sukuks that have been
talked about or announced as being in excess of US$45 billion.
S&P also see that the long-term prospects for the Sukuk market remains
strong with several factors supporting the sustainable growth of the market,
including increasing popularity of Shariah-compliant products and government
openness to Islamic finance, massive investment and financing needs in the
Gulf, and issuers' desire to tap investors from the Middle East and Muslim
Asia. Issuers from more than 20 countries have expressed interest in
issuing, or announced their intention to issue Sukuks, and S&P also
anticipate that several new sovereigns will enter the market.
In support of the reports contention the market has thus far in January 2009
witnessed the launch of Singapores first sovereign Sukuk programme. The deal
which is the first local currency Sukuk programme by a non-Muslim majority
country is worth a total of $200 million ($134 million) and aims to promote
Islamic finance in Southeast Asias financial capital. Islamic Bank of Asia
said it would place the first order for the Sukuk with the banks Chairman HE
Abdulla Hasan Saif stating: "The financial crisis will not be able to stop
the growth momentum of global Islamic financial markets".
The Singapore Sukuk was closely followed by the launch of the Indonesias
retail Sukuk offered by the Indonesian government for the first time. The
government expects to finance a higher budget deficit in 2009 by
capitalising on demand for Islamic-compliant products in the world's most
populous Muslim nation.
In Malaysia, the regions leading Islamic finance center and one of the
worlds largest Sukuk markets new issuance of Sukuk are expected to total
roughly $4 billion in 2009. This demand is attributed to Europe and Middle
East issuers keen to tap the market. Bumper oil earnings in the Gulf region
and rising demand for ethical investments have boosted the $1 trillion
Islamic finance industry.
"Issuers from other parts of the world are now trying to find new markets
where they can actually issue and the ringgit Sukuk market seems to be a
very attractive one for them to tap," Badlisyah Abdul Ghani, Chief Executive
of Malaysia's CIMB Islamic Bank, said.
Visit the 2009 Asia Sukuk Summit website at www.sukuksummit.com/asia
<http://dotm1.net/1595503/514334229/46535944/817546/55405/0/t2.aspx>
Further a field where East meets West Turkey is making a foray into Islamic
capital markets through the planned issuance of its debut sovereign Sukuk.
In fact several other countries and entities including the UK Treasury, Hong
Kong Airport Authority, the French Ministry of Finance, the Japan Bank for
International Cooperation, are all also considering issuing Sukuks.
Furthermore, with the successful closing of the Saudi Hollandi Bank Sukuk
last week and the IDB's proposed issuance of a so-called series of credit
crunch Sukuks to bring back confidence to the market, several potential
issuers have confirmed that they expect the Sukuk market to recover over the
next few months.
With all these factors in play the 2009 Asia Sukuk Summit on the theme of
towards a new silk route for Islamic finance could not have been better
timed or located. Hong Kong with its strategic location in Asia and access
to China presents an excellent opportunity for regional financial and
corporate institutions to explore the huge potential of the Sukuk market and
tap into the Islamic finance sector, one of the worlds fastest growing and
dynamic forms of financing, which during these turbulent times could offer
access to much needed liquidity. Similarly Islamic financial institutions
and Sukuk specialist are presented with an excellent opportunity to
establish new relationships and gain access into one of the worlds leading
economic regions which hitherto have been little explored by the Islamic
Financial services sector.
Against the backdrop of these recent developments the inaugural Asia Sukuk
Summit is an event not to be missed. The Summit is set to take place on the
18th-19th of Feb 2009 at the Hong Kong Monetary Authority (KHMA)
headquarters in the International Finance Centre, Hong Kong. With less than
two weeks to go, places are now limited so to ensure that you do not miss
out please register today. .
<http://dotm1.net/514334229/46535944/817546/55405/0/_spacer.gif>
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Kantakji Group" group.
To post to this group, send email to [email protected]
To unsubscribe from this group لفك الاشتراك من المجموعة أرسل للعنوان التالي
رسالة فارغة, send email to [email protected]
For more options, visit this group at
http://groups.google.com/group/kantakjigroup?hl=en
سياسة النشر في المجموعة:
- ترك ما عارض أهل السنة والجماعة.
- الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط. ويستثنى
من هذا الشأن
العام الجلل أحداث هامة على مستوى الأمة كحدث غزة مثلا الذي أوقفنا كل نشاط
وشاركنا بأقل الواجب.
- عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه. باستثناء الأمر العام الذي يهم
عامة الناس من المسلمين.
- تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من
أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي.
- المديح الشخصي.
-~----------~----~----~----~------~----~------~--~---
