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A Resilient Sukuk Market
February sees record issuance of Sukuk. While most sukuk emerged from Asia and by sovereigns and government-related entities, Emaar sukuk and other corporate announcements out of the GCC suggest the debt market is still alive in the region despite political unrest, writes Adnan Halawi
February Issues
USD8.6 billion dollar worth of sukuk were issued globally in February according to data compiled by Zawya Sukuk Monitor, making the month one of the best months on record. The issues came from various issuers but were dominated by sovereign entities or were government guaranteed.
Malaysia had by far the largest share of these issues. On February 25, the government closed its first tranche of the BBA structured Government Investment Issue (GII) for the year selling MYR3.5 billion (USD1.5 billion). Earlier in the month, on February 9, the government had sold the second tranche of the MYR10 billion Ijarah program Sukuk Bank Negara Malaysia Ijarah - SBNMI worth MYR400 million (USD130 million).
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Sukuk Monitor
