Qatar’s $3.5 billion conventional bond issue may be the season’s most noteworthy Islamic finance deal. Malaysia, issuer of 75% of the world’s sukuk, has flexed even more muscle as it branches into the nascent Islamic finance market of neighboring Singapore. Anecdotally, these offerings are noteworthy; collectively, they may help ameliorate some high-profile setbacks for the industry. The world sukuk market seems to have regained its footing. Thomson Reuters data show that global issuance from 2007-2009 dipped from $46.2 billion in 2007, to $39.6 billion in 2008, and back up to $46.3 billion in 2009. For the 12 months ending May 2010, sukuk issuance stands at $45.1 billion, with the summer’s major sukuk not yet included.
