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.
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 and Asia. These regions, with established Islamic financial regulatory bodies, are centres of the growing estimated $1 trillion market……………………………………….Full Article: Source