01 April 2011
The overall figures suggest that 2010 witnessed a recovery in the Sukuk market with total global issuance reaching $30bn: double the figure for 2008. While the GCC Sukuk market languished during 2009, Malaysia motored ahead. Of the total value of Sukuk issued in 2010 about $8.6bn was listed on Bursa Malaysia which accounted for about 30% of total global issuance. Among the notable listings were Sime Darby's RM4.5bn ($1.49bn) Musharakah Sukuk, the Malaysian government's $1.25bn Global Sukuk Al-Ijarah and the Islamic Development Bank's $3.5bn Sukuk. This helped Bursa Malaysia maintain its lead position as a Sukuk listing destination.
The overall figures suggest that 2010 witnessed a recovery in the Sukuk market with total global issuance reaching $30bn: double the figure for 2008. While the GCC Sukuk market languished during 2009, Malaysia motored ahead. Of the total value of Sukuk issued in 2010 about $8.6bn was listed on Bursa Malaysia which accounted for about 30% of total global issuance. Among the notable listings were Sime Darby's RM4.5bn ($1.49bn) Musharakah Sukuk, the Malaysian government's $1.25bn Global Sukuk Al-Ijarah and the Islamic Development Bank's $3.5bn Sukuk. This helped Bursa Malaysia maintain its lead position as a Sukuk listing destination.
Malaysia's government continues to play an important role in supporting the development of the Islamic capital market in order to consolidate its position as a leader in the field. In Budget 2011, the Malaysian government announced that Bursa Malaysia would develop an international board to enable foreign securities to be listed including Shari'ah compliant products. The government also proposed that expenses incurred during the issuance of Islamic securities pursuant to the principles of Murabahah or Bai' Bithaman Ajil based on Tawarruq be tax deductible with the objective of maintaining the competitiveness of the Sukuk market.
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© Press Release 2011
