Malaysia has cemented its status as the top issuer of Islamic finance, accounting for more than half of the total global sukuk issuance in 2009 and 2010, while the Middle East is struggling to recover from the financial reversal in Dubai and corporate defaults in Saudi Arabia. Besides Malaysia, other Asian countries - even those without an Islamic tradition - are strengthening their sukuk offerings too. Writer James Gavin
Three years ago, Middle Eastern issuers dominated the sharia-compliant debt capital market landscape. Gulf corporates and sovereigns alike had edged past Malaysia in the volume of debt being issued, as the appeal of sukuk pulled in regional investors eager to gain exposure to sharia-compliant debt instruments.
