Saudi Arabia has overtaken the UAE to become the largest Sukuk issuer in the Gulf region, raising $6.4 billion in Q1 2012, compared to issuance of $1.9 billion by the UAE.
"UAE's position as the top sukuk issuer in the GCC was shaken for the first time. Yet, the UAE had its share of firsts. Tamweel, First Gulf Bank and Emirates Islamic Bank sold Sukuk. They were followed by Majid Al Futtaim Group's first foray into bond issuance in the form of Sukuk. And Abu Dhabi National Energy Company sold its first Sukuk in Malaysia," Adnan Halawi, Team Leader - Fixed Income at Zawya, said in a quarterly bulletin.
Malaysia accounted for 71 per cent of total issuance and was the top Sukuk issuer with $31 billion followed by Saudi Arabia ($6.4 billion, 15 per cent of the total) and Indonesia ($3.4 billion). Overall Sukuk issuance in Q1 was up 55 per cent on year-ago levels to reach a record $43 billion worldwide - nearly half of the whole of 2011. Halawi added that Sukuk issuance in 2012 could reach $126 billion by the end of this year, compared to $85 billion last year.
Sukuk issuance in the GCC exceeded corporate bonds for the first time ever. "Saudi Arabia was the star of the first quarter. In the absence of any conventional bonds out of the kingdom, a flurry of Sukuk made the headlines. In line with analyst expectation that the issuance of the first sovereign Sukuk in the kingdom would set the benchmark and trigger more issuance, GACA's $4 billion Sukuk was shortly followed by a series of Islamic bonds by Almarai, Saudi Electricity - which sold its first global Sukuk - and Saudi British Bank," Halawi said in the note.
(C.P.I Financial / 07 April 2012)
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Alfalah Consulting - Kuala Lumpur:
www.alfalahconsulting.com
Islamic Investment Malaysia:
www.islamic-invest-malaysia.com
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