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18 Jul | Wednesday
RAM Ratings maintains projected global sukuk issuance at USD75 billion-USD85 billion for 2018
RAM Ratings maintains its projected global sukuk issuance at USD75 billion-USD85 billion, based on the growth trends in sukuk issues from Malaysia, Indonesia, Bahrain, Kuwait and UAE in the first six months of 2018. “Overall, the sukuk market’s showing in 2018 will depend on the performance of the global economy and the state of investment recovery in key Islamic finance countries,” notes Ruslena Ramli, Head of Islamic Finance at RAM.
 
Malaysia still leads in terms of the number of sukuk issuance and financing amount. As at end-June 2018, total global sukuk issuance had slipped 5.2% y-o-y to USD50.3 billion (end-June 2017: USD53.0 billion). This was largely due to declines in sukuk issuance from Qatar (-63.6%), Saudi Arabia (-37.9%), and Turkey (-18.0%). Malaysia had increased its sukuk issuance to USD19.4 billion as at end-June 2018 (end-June 2017: USD18.6 billion), translating into a healthy 38.7% market share of global sukuk issuance. At the same time, Indonesia charted a 52.6% jump to USD6.6 billion (end-June 2017: USD4.3 billion). By contrast, the GCC posted a contraction of 19.1% to USD21.3 billion (end-June 2017: USD26.3 billion). Nevertheless, the GCC’s sovereign sukuk issues took up the lion’s share (67.6%) of its total sukuk issuance, reversing earlier market trends. Prior to 2017, the percentage of sovereign sukuk issuance only averaged some 25%. 
 
The 1H 2018 Sukuk Review Report is available to subscribers through our website, www.ram.com.my. Non-subscribers may purchase the report at RM500 per copy. For further enquiries, please contact Ain at (603) 7628 1108 or Faiez at (603) 7628 1104, or fax (603) 2711 1701/(603) 7620 8250, or e-mail ain@ram.com.my or faiez@com.my.my.

Analytical contact
Irfan Afifah Mohd Zaki
(603) 7628 1196
irfan@ram.com.my
 
Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my
 
Date of release: 17 July 2018
 
 
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
 
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
 
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
 
Published by RAM Rating Services Berhad
 Copyright 2018 by RAM Rating Services Berhad
 

Analytical contact
Irfan Afifah Mohd Zaki
(603) 7628 1196
irfan@ram.com.my
 
Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my
 
Date of release: 17 July 2018
 
 
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
 
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
 
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
 
Published by RAM Rating Services Berhad
 Copyright 2018 by RAM Rating Services Berhad
Analytical contact
Irfan Afifah Mohd Zaki
(603) 7628 1196
irfan@ram.com.my
 
Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my
 
Date of release: 17 July 2018
 
 
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
 
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
 
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
 
Published by RAM Rating Services Berhad
 Copyright 2018 by RAM Rating Services Berhad
source: RAM Ratings
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