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| (www.lulu.com) 'Sales of Islamic bonds may pick up to as much as $25 billion by the end of the year' |
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(Bloomberg) -- Sales of Islamic bonds, known as sukuk, may pick up to as much as $25 billion by the end of the year as more issuers are attracted to the financing, Standard & Poor's said in a report. Sales slowed to $14 billion in the eight months to August, from $23 billion in the same period a year earlier, S&P analysts led by Mohamed Damak in Paris wrote in a report today. Borrowers including Saudi Basic Industries Corp. and DP World Ltd. sold a record $30.8 billion of sukuk in 2007, Bloomberg data shows. The Islamic finance market, which has doubled each year since 2004, is declining for the first time as a disagreement between Islamic scholars about what constitutes Shariah-compliant debt hinders issuance. The bonds satisfy Islam's ban on interest by allowing investors to profit from the exchange of assets, rather than money.
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Source: AJP
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