IslamicFinance.de

The resignation of Badlisyah Abdul Ghani, the chief executive officer of CIMB Group Holdings Bhd’s Islamic unit, added to clouds over Malaysia’s sukuk market, amid a probe into a state investment company and a renewed global commodity rout. He said that he resigned “to explore new opportunities”, declining to comment on speculation the decision was related to the investigation of 1Malaysia Development Bhd. CIMB, Malaysia’s lead Islamic bond underwriter for the past eight years, will now have to find and groom a replacement just as sukuk sales in the world’s biggest market dropped 36% in 2015 to a five-year low. Political uncertainty caused by the probes, falling commodity prices and a looming US interest-rate increase may deter issuers.