(MENAFN) Based on Fitch Ratings declaration on Tuesday, sukuk issuance soared by 36.1 percent on an annual basis to reach USD252.3 billion in last year. The global rating agency also added that central banks, governments, as well as international organizations controlled sukuk issuances.
A sukuk is an Islamic bond, parallel to a bond in Western finance, which meets with Islamic religious law, also referred to as Sharia compliant.
The agency emphasized that local-currency sukuk stood at 80 percent of sukuk issuance, while hard-currency issuance stood at 20 percent.
According to Bashar Al-Natoor, the global head of Islamic Finance at Fitch statement, “growth will be anchored by robust Islamic investor appetite, funding diversification goals, and Islamic-finance development agendas in a number of countries.”
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