Corporates in the Middle East are not just turning to the Islamic capital markets to finance their expansion strategies. The Shariah-compliant loan market is also thriving. The bank market remains the backbone of financing in the region. Although there are no figures on its size, Ahmed Abbas, chief executive of Liquidity Management Centre in Bahrain, reckons it’s about 10 times the size of the sukuk market.
Indeed one of the biggest challenges facing capital markets players, he says, is to try to transfer some of the bank lending business into sukuks.
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