The sukuk market more than doubled in 2007 to exceed $60 billion--continuing its explosive growth since 2001 when it totaled less than $500 million.

In this roundup of developments in the sukuk market, Standard & Poor's Ratings Services expects growth of this Islamic financial instrument to remain on the same impressive trajectory and issues outstanding to top the symbolic $100 billion mark in the next few years, fueled by huge investment and financing needs--notably in countries of the Gulf and Asia.

That said, sukuk are becoming a global phenomenon, attracting more issuers from a larger pool of countries than ever before.

Project finance Sukuk, read the full article