| The value of Islamic ‘bonds’ (sukuk) issued in the Gulf has jumped 61 percent in the past year having slumped to the lowest level in four years as a result of a number of factors, including the global financial crisis, according to research by Trowers & Hamlins, an international law firm. US$7 billion of sukuk was issued in the Gulf in 2009-10 (June 30), compared to US$4.3 billion the previous year. At the same time, issuance of conventional bonds surged to record levels. The value of conventional bonds issued in the Gulf hit US$15 billion in 2009-10 compared to US$12.9 billion the year before, an increase of 16.3 percent. The sukuk market was hit much harder by the credit crunch and global financial crisis than the conventional bond market in the Gulf. |
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