Several recent landmark corporate and infrastructure sukuk by companies in the Gulf Cooperation Council (GCC) issuing in Malaysian ringgit may signal the start of a trend that could help develop and globalize the market, Standard & Poor’s Ratings Services said in a report published today, “Beyond Borders: The GCC And Asia Could Rev Up Their Economies–And The Islamic Finance Market.”
In an era when the world’s conventional banks are producing fewer and shorter loans and companies are considering other options for finance, Standard & Poor’s believes that Islamic financial instruments could become a key funding source, especially in the GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates) and Asia………………………………………..Full Article: Source