Malaysia '09 corp sharia bond sales seen at $4bln-CIMB

Reuters:New issuance of sharia corporate bonds in Malaysia will total about $4 billion this year, with Europe and Middle East issuers keen to tap the market, the world's top arranger of Islamic debt said on Friday.

Malaysia, one of the world's top Islamic bond markets, saw a 78 percent drop in issuance last year to $5.86 billion, according to Islamic Finance Information Service (IFIS).

"Issuers from other parts of the world are now trying to find new markets where they can actually issue and the ringgit sukuk market seems to be a very attractive market for them to tap," Badlisyah Abdul Ghani, chief executive of Malaysia's CIMB Islamic Bank told Reuters.

CIMB Islamic is part of CIMB Group, which is listed on the Malaysian stock exchange through Bumiputra-Commerce Holdings (BUCM.KL)...Continue Reading