S&P sees Malaysia leading sukuk

Malaysia is dominating global sales of sukuk in 2013 and Standard & Poor’s forecasts the trend will continue this year. Issuance in the Southeast Asian currency may account for more than 74 per cent of worldwide offerings, compared with 49 per cent in 2008. Global sales of Shariah-compliant notes, including government securities, may exceed US$100 billion in 2013 after rising 64 per cent to US$138 billion last year. Malaysia’s Islamic banking assets climbed 14 per cent last year to a record RM494.6 billion. Moreover, Shariah insurers, or takaful operators, saw assets rise 12 per cent to RM19 billion.