Friday 29 Mar 2024
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KUALA LUMPUR (April 29): The uptick in Malaysia-based sukuk issuance has driven up figures for global sukuk issuance, says RAM Rating Services Bhd.

In a statement today, RAM said that as at end February 2016, year-to-date (YTD) issuance of global sukuk was at US$12.3 billion (about RM48 billion), with US$8.9 billion issued in February.

It said the top three global issuers in February 2016 were all Malaysia-based: Danga Capital Bhd (US$2.3 billion), International Islamic Liquidity Management (US$1.3 billion) and the Government of Malaysia (US$1.1 billion).

When compared to the previous year, the ratings agency observed a 50.5% jump in Malaysian sukuk issuance to RM22.8 billion in the first two months of 2016 with RM14.4 billion issued in the month of February.

Meanwhile, corporate sukuk issuance picked up, rendering it the largest contributor of domestic sukuk issues at 69%, followed by government sukuk (31%).

"Malaysia is holding its ground with 53.9% of the world's outstanding sukuk," highlighted RAM's head Islamic finance Ruslina Ramli.

 

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