The issuance of sukuk (Islamic bonds) in Gulf hydrocarbon producers nearly tripled in 2011 despite the global downturn but other investment tools, including IPOs and conventional bonds were stifled.
From around $6.9 billion in 2010, the value of sukuk issued in the six-nation Gulf Cooperation Council (GCC) shot up to nearly $19.4 billion in 2011, Saudi Arabia’s largest bank, National Commercial Bank (NCB) said. In a study sent to Emirates 24/7, it said sukuk issues also recorded a sharp increase worldwide at a time when bonds remained under pressure………………………………………..Full Article: Source