Thursday, April 04, 2013

Saudi Arabia exits IILM, clouding the prospects for sukuk issuance

The withdrawal of Saudi Arabia from the IILM is an ominous development for the body which said in March that it was in the “final stage” of launching a $300 to $500 million sukuk.  It would be hoped that, for the good of the Islamic banking industry which needs additional liquidity management tools, no further delays will occur to the IILM’s maiden sukuk, but the withdrawal of Saudi Arabia could just be the first storm cloud gathering above that institution’s prospects, following several previous delays.

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