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Graphic shows global sukuk markets by volume and market share.
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BUSINESS

Global sukuk markets rebound

By Duncan Mil

August 20, 2017 - Global sukuk markets — Islamic bonds that comply with Sharia law — surged in the first half of 2017 to $48 billion, driven by governments covering budget deficits caused by weak oil prices. Saudi Arabia plans to launch the second issue of its sukuk programme during the week beginning August 20.

Eleven new sukuk have been initiated with a value of $19 billion so far this year, surpassing the $16.75 billion of new additions in 2016, according to the Dow Jones Sukuk Index.

As tracked by the index, new sukuk issuances came from countries including Saudi Arabia, Indonesia, Oman, and Hong Kong.

Saudi Arabia debuted its first U.S. dollar-denominated sukuk in July, raising $9 billion, equally split into five- and 10-year tranches. Riyadh offered five-year sukuk at yields of 2.90 to 3.00 percent, and 10-year at 3.55-3.65 percent.

Sources
PUBLISHED: 16/08/2017; STORY: Graphic News
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