Sukuk market estimated to grow 35pc

The sukuk market is expected to grow by 35 per cent a year to reach $200 billion by 2010, said a banker.

“In 2007, the Middle East witnessed a drop in the value of sukuk issuance but 2008 seems promising as the number of issuances is expected to increase, in a non-US dollar denomination,” Moinuddin Malim, head of corporate and investment at Badr Al Islami, was quoted as saying by a Khaleej Times report.

He was speaking at the International Islamic Finance Forum, held recently.

Badr Al Islami is an Islamic finance company owned by Mashreqbank.

Malim discussed the rapid development of the market, focusing on the core elements of sukuk or Islamic bonds.