Malaysia retains status as global sukuk hub: RAM

Malaysia retained its leading position as a sukuk hub in 2015, accounting for 53% of global issuance at the end of the year, RAM Ratings head of Islamic finance Ruslena Ramli said. Although the performance pales in comparison to the country's 69% of share of global sukuk as at end-2014, the ringgit remained the currency of choice accounting for 39% of sukuk issuance followed by the US dollar (32%) and the Indonesian rupiah (9%). However, RAM Ratings noted that Malaysia's share of outstanding global sukuk had declined to 52% in 2015 from 55% in 2014 due to the weaker ringgit. On the overall global sukuk market, RAM Ratings noticed an increase in sukuk issuance from new markets, as Oman and the Ivory Coast have joined the growing list of sovereign sukuk issuers.