UAE’s share of global sukuk issuances increased to 7% in the first half of this year compared to 4% in the first half of last year, and about 5% in the whole year of 2019, becoming the fifth largest sukuk exporter in the world in the first half of this year with remarkable growth in the issuances of companies and financial institutions. According to a report issued by Moody's international credit rating agency, the value of UAE sukuk issuances increased significantly in the first half of 2020, and the total value of sukuk issuances in the Middle East region increased by about 7% during the period despite the decline in the total value of global sukuk issuances in the six months during the first six months of this year by about 12% to 77 billion dollars.
The agency expects that the sukuk issuances of the UAE and the GCC countries this year will contribute to mitigating the decline in global sukuk issuances, and the agency expects at the present time that global sukuk issuances will decline by about 5% this year despite the consequences of the pandemic due to the interruption of the 4-year march continuous rise in releases. The agency estimated the total value of global sukuk issuances in the first half of this year at about $77 billion, compared to $87 billion in the same period last year, a decline of 12%, as the pandemic limited serious issuance activities in both Indonesia and Malaysia.
Source (Al Khaleej Newspaper- UAE, Edited)
