Islamic Bonds Worth $27.5 Billion to be Issued in 2009, Says Ernst & Young

Islamic Bonds Worth $27.5 Billion to be Issued in 2009, Says Ernst & Young

sukuk

Although Islamic investment funds face bigger risks this year due to the global economic crisis, new issues of Islamic bonds, or sukuks, are likely to rise by 56 per cent from last year, financial services firm Ernst & Young said on Monday.

Shariah-compliant investment assets grew nearly three-fold to $736 billion in 2008 from $267 billion in the previous year, but investment growth may stall this year as large sums committed to financial instruments such as equities have been affected by the slowdown, Ernst & Young said in a report on Islamic Funds & Investments.

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