Pushing beyond the boundaries
Above all other products the sukuk or Shariah-compliant bond symbolizes the rapid growth of Islamic finance. In 2006, issuance volumes reached $25.98 billion through 241 deals, compared with $11.55 billion and 126 transactions the previous year, according to data provider Ifis. The biggest reason for the surge in volumes is that the Middle East’s more forward-thinking corporates are looking to the Islamic capital markets to fuel their growth. Last year, there were sukuk deals from Abu Dhabi’s Aabar Petroleum, the UAE’s Tabreed and Saudi...
