Fernand Grulms, Chief Executive Officer of Luxembourg for Finance said that “2011 was a bumper year for the issuance of Sukuk, at US $ 85 bn, that is, two and a half times the pre-financial crisis record of US $ 33 bn issued in 2007. This huge increase indicates that the Islamic capital markets are back in the game.
Nevertheless, we should set the figure in context. In the conventional debt markets, in 2011, 5.4 trillion dollars were issued in the USA alone and the sukuk market in 2011 was driven largely by Malaysia. In other words, the short answer to the question of ‘are Islamic investments building international reach and scale’ is a yes and a no. Shari’ah-compliant capital markets activity currently still remains a niche market; but certainly can and will build international reach and scale.” (Press Release)