The Sukuk Market Is Likely To Show Steady Growth In 2010 Jan 10
Standard & Poors, January 2010
Abstract
Standard & Poor's believes that medium-term growth prospects for the world's sukuk market are good. We foresee stable growth in issuance of these securities in 2010, after a recovery last year to issuance of $23.3 billion. Notable developments in 2009 were: Cumulative issuance outstanding topped the symbolic bar of $100 billion. Malaysia became the No. 1 issuing country with 54.1% of the value of sukuk issued. The dollar made a partial comeback but local currencies were the denomination of choice for sukuk issuance. Big new players tapped the market like General Electric Capital Corp. and International Finance Corporation. Two sukuk defaulted and one other avoided default with a last-minute support package and repayment. The 2010 pipeline remains healthy, in our...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- General Electric Capital Corp.
- Gulf International Bank B.S.C.
- National Bank of Kuwait S.A.K.
- Arab Banking Corp. B.S.C.
- International Finance Corp.
- Petroliam Nasional Bhd.
- The National Commercial Bank
- Arab National Bank
- Samba Financial Group
- Riyad Bank
- The Saudi British Bank
- Gulf Investment Corporation G.S.C.
- National Bank of Dubai
- Emirates Bank International PJSC
- National Bank of Abu Dhabi
- Mashreqbank
- Abu Dhabi Commercial Bank
- Commercial Bank of Kuwait
- BankMuscat S.A.O.G.
- Burgan Bank
- Al Rajhi Bank
- Dubai Islamic Bank
- Gulf Bank
- Islamic Development Bank
- Al Ahli Bank of Kuwait
- Kuwait Finance House
- Qatar National Bank
- Saudi Basic Industries Corp.
- The International Banking Corp.
- BMI Bank B.S.C.
- Banque Saudi Fransi
- The Commercial Bank of Qatar
- The Saudi Investment Bank
- Gulf Finance House
- Sharjah Islamic Bank
- Emirate of Abu Dhabi
- Salama/Islamic Arab Insurance Co. (P.S.C.)
- Al Baraka Banking Group B.S.C.
- Saudi Electric Co.
- Ahli United Bank B.S.C.
- Doha Bank Q.S.C.
- JAFZ Sukuk Ltd.
- Hannover ReTakaful B.S.C.
- Wethaq Takaful Insurance Co. K.S.C. (Closed)
- Takaful International Co. BSC
- Dubai Islamic Insurance & Reinsurance Co. (Aman)
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