May 17 2010

Sukuk sales to match last year

World sales of dollar-denominated Islamic bonds may reach $5 billion this year, matching the levels of 2009, according to an executive at HSBC, the biggest underwriter of such debt in the year to date.

The sukuk market was "sluggish" in first half of the year, Mohammed Dawood, director of debt capital markets at HSBC in Dubai told Bloomberg newswire. Offerings will "pick up" in the months to come as market conditions improve, he added.

Standard & Poor's has said that total sales of the securities may rise to $30 billion this year, approaching the record set in 2007.

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