The sukuk market slowdown is more a case of a liquidity issue and was not created by the AAOIFI Shari'ah board ruling, according to Islamic finance professionals in the GCC.
Gerald Al-Fil, a reporter in the GCC, describes the reasons that Shari'ah-compliant indices have outperformed the market as a whole, as well as some pitfalls like being overconcentrated in certain sectors like basic materials.
The recent al-salam sukuk from the Central Bank of Bahrain was only slightly oversubscribed, compared with issues last year which were many times oversubscribed. Malaysia may issue a second sovereign sukuk. S&P credit analyst Mohamed Damak discusses the potential for sukuk issues coming out of Africa.
The Times has a lengthy comment on the role of money and interest in the three large monotheistic faiths, Christianity, Islam and Judaism.
Sunrise Equities, an Islamic finance company in Chicago, collapsed recently and the CEO Salman Ibrahim, disappeared leaving the clients and investors in the firm with losses of $50 million.
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