Sukuk issuances will surge this year, driving post-COVID-19 recovery - DIEDC CEO

As countries begin undertaking economic recovery programs, the GCC region is likely to see an increase in issuances of sukuk, or Islamic bonds, according to Abdulla Mohammed Al Awar, Chief Executive Officer at Dubai Islamic Economy Development Centre (DIEDC).

In a broad-ranging interview with Zawya, Al Awar said the flow of issuances has already begun. “In just the first month of 2021 we’ve seen big lenders like the National Commercial Bank in Saudi Arabia sell $1.25 billion at 3.5 percent and First Abu Dhabi Bank sell $500 million at 1.41 percent. So these are good indications as to what is to come in this sector.”

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