IslamicFinance.de

Gulf countries will be the engine driving the growth of the global sukuk market, according to a report released on Monday by the Dubai Chamber of Commerce and Industry. The report, which is based on data from the UK Islamic Finance Secretariat (UKIFS) and the Malaysia International Islamic Financial Center (MIFC), expected sukuk to play an important role over the next decade in securing funds for a substantial line-up of new projects in GCC countries, particularly in Dubai. The GCC and Malaysia are the traditional hubs for the issuance of sukuk. But the report sees other countries also playing major roles in the spread of the asset class, with emerging Islamic finance markets such as Tunisia, Mauritania, Senegal and Oman having the potential to become major sukuk hubs in the future, it said.