The November 2009 debut sukuk (Islamic notes) issue by US utility giant General Electric, one of the world's largest companies and most recognised capital market brands, emphasised the extent to which Islamic finance is going global. But the market share of sharia-compliant wholesale products remains small.
Cross-border sukuk issuance in 2009 was equivalent to just under 10% of total emerging market bond issuance, according to Commerzbank data, and a far smaller proportion of the total bond market. Islamic financing packages for merger and acquisition (M&A) activity are relatively rare, while sharia-compliant investment funds total just $35bn, according to financial advisory firm Ernst & Young.
