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Malaysian Government Top 2009 Sukuk Issuer. |
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Tuesday
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05/01/2010 |
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Source :
Global Islamic Finance |
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The Malaysian government was the top issuer of sukuk in that country last year, with a 26.2% market share. According to the Bond Pricing Agency Malaysia League Tables, the government issued RM30.5 billion worth of the Islamic securities. |
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The Malaysian government was the top issuer of sukuk in that country in 2009, with a 26.2% market share. According to the Bond Pricing Agency Malaysia League Tables, the government issued RM30.5 billion worth of the Islamic securities.
Malaysia has a proud tradition of sovereign sukuk. It was, indeed, the Malaysian government who issued the world's first global sovereign sukuk back in 2002.
The 2009 trend of sovereign sukuk issuance was not exclusive to Malaysia. Last year practically all sukuk issuances came from sovereign or quasi-sovereign entities. Private sector issuance, on the hand, continued to suffer from the ongoing controversy surrounding the sharia'a compliance, or lack thereof, of some sukuk structures.
The Malaysian government's sukuk exploits inspired other countries in the region to consider sovereign issues. Indonesia its debt global sovereign sukuk in April 2009, raising US$650 million. It plans to issue its next sukuk to domestic retail investors in April of this year.
Thailand began to consider issuing a sovereign sukuk December 2009. It was then that World Bank Official James Adam told Reuters "Clearly governments in South-East Asia have some interest in tapping into Islamic finance". |
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