In August 2014, the UK became the first non-Islamic country to issue sovereign sukuk. Hong Kong, Luxembourg and South Africa quickly followed, in what has turned out to be a landmark 12 months for the market. Building on these sovereign transactions, a number of high-profile, first-time corporate issuers have also emerged in 2014, including Goldman Sachs and the Bank of Tokyo-Mitsubishi UFJ Malaysia.
As such, total issuances in the first three quarters of the year were up 14.1% compared with the same period in 2013, according to Kuwait Finance House research. And, while the market’s growth story in terms of quantity is proving compelling, it is also being matched by an increase in the quality of its development.
