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Few would deny that 2014 was a landmark year for the Islamic bond market. The first sovereign sukuk from a country without a Muslim majority – a £200 million ($300 million) five-year deal by the UK – gave way, a few months later, to the first dollar issuance by a triple-A-rated government (Hong Kong) and the first international sukuk in sub-Saharan Africa, by the Republic of South Africa. The Grand Duchy of Luxembourg also issued the first euro-denominated sovereign sukuk.
Added to that list were the first sukuk by a western financial institution (a $500 million five-year deal for Goldman Sachs) and the first-ever sukuk by a Japanese commercial bank, Bank of Tokyo-Mitsubishi UFJ.
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