Malaysia has made unprecedented achievements in the Islamic finance sector and it currently dominates domestic Sukuk,with 72 per cent by value, Sudan leads short-term issuance (maturity one year or less)
Ijlal Ahmad Alvi, Chairman & CEO, IIFM Chairman and Chief Executive Officer of the International Islamic Financial Market (IIFM) Ijlal Ahmad Alvi said ,"The trend toward issuing shorter tenure Sukuk is slowly increasing and is again driven by sovereign issuers through central banks."
He was speaking at the launch of the second edition of the International Islamic Financial Market (IIFM) Sukuk Report in Labuan. Bahrain is the most active market within the Gulf Cooperation Council (GCC), regularly issuing short-term Sukuk Al Salam and Sukuk Al Ijarah. "It is the first government in the GCC to use Sukuk as one of the primary tools for raising finance," he said, adding, "Moreover, it is expected that Bahrain, Brunei, Sudan plus several new entrants, will contribute to the development of the short end of the market.”
Separately, Zawya’s Sukuk Quarterly Bulletin notes that global Sukuk issuance rose by 18 per cent in Q2 2011 on year-ago levels to $16 billion. Across H1 2011, some $43.8 billion was raised globally, setting a new record. Government issuance dominated in Q2 2011, totalling $11.651 billion. Malaysia was responsible for $12.676 million in Sukuk, all denominated in MYR. By structure, Murabaha was the most important, accounting for $7.56 billion, followed by Bai Bithaman Ajil ($2.49 billion) and Musharaka ($2.2 billion).
The top five Sukuk lead managers (excluding central banks) were: HSBC Bank Middle East (four issues worth a total of $904 million); Aminvestment Bank (24 issues, $789 million); Maybank (46 issues, $625 million); RHB Islamic Bank(six issues, $591 million); Standard Chartered Middle East & South Asia (nine issues, $402 million).
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