BusinessCompany NewsGrowth in Islamic bond market

Growth in Islamic bond market

Governments worldwide starting to promote Islamic banking

The Islamic bond market is expected to grow by 33% this year due to an
increased demand for Shariah-compliant investment vehicles.

According to analysts from the Islamic Finance Information Service, the value
of the Islamic bond market increased from $1.8bn in the first quarter of 2005 to
$6.2bn with 26 issues in this quarter already.

‘At this pace we expect 33% market growth in this sector by 2005,’ said IFIS
analyst Rakiya Sanusi.

The increase has been attributed to governments in various countries
promoting Islamic banking and developing regulatory system that support Shariah
law.

There has also been an increased flow in investor funds, with Emirates
Airlines becoming the first airline to issue an Islamic sukuk, with a value of
£550m.

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