Siraj Capital (Dubai) Ltd together with alClick (Dubai) Ltd announced today the launching of Sukuk.net - www.sukuk.net.
Siraj Capital (Dubai) Ltd together with alClick (Dubai) Ltd announced today the launching of Sukuk.net - www.sukuk.net - an online portal dedicated to Islamic Bonds, 'Sukuk' and Islamic financing.
Sukuk.net aims to be the definitive source of information on the global Sukuk market and the premier online portal for the Sukuk industry.
The Islamic debt market, both foreign and domestic, has been the most rapidly growing segment of Islamic finance. In Malaysia, for example, the Islamic corporate bonds amounted to $36bn, or 48% of the total corporate bond issued in 2007. The domestic bond market plays a crucial role in ensuring that the financing needs of the economy are being fulfilled.
The international Islamic bond market is divided into sovereign (and quasi-sovereign) and corporate Sukuk (or Islamic note) markets, a particularly innovative, rapidly growing area. These asset-based bonds of medium-term maturity have been issued internationally by sovereign and corporate entities. Sukuk paper has the advantage of competitive pricing as a risk-mitigation structure.
In 2001, the Bahrain Monetary Agency was among the first central banks to issue this paper, in its case in three- and five-year maturities, with most issues oversubscribed. Qatar issued Qatar Global Sukuk with a seven-year maturity (the largest issue ever at $700m).
In EMEA and Asia, Moody's noted that the overall issuance volume of Sukuk increased by 71% to $32.65bn in 2007 compared to 2006. The number of Sukuk transactions rose to 119 from 109, while the average deal size increased to $269.8m from $175m. The largest proportion of Sukuk was issued in the financial services sector, accounting for 31% of total volume, followed by real estate with 25% and power and utilities with 12%.
The inception of Sukuk.net is in anticipation of the growing number of investors and enterprises seeking shariah compliant funding and the general public interest in Islamic finance
Sukuk.net will provide investors, financial services professionals, researchers, institutions and all those involved in the industry the tools to understand their market, analyse the competition and market data. Furthermore it will assist firms in developing strategies, market forecasting and identifying new business and investment opportunities.
With the launch of this site, viewers can track global Sukuk activity, market data and register for market tracking analysis tools. The website's Sukuk Wire provides an up to the minute feed of the latest news and information on global Sukuk.
Commenting on the portal, The CEO of Siraj Capital Ltd Mr. Ibrahim Mardam-Bey said:
'We have through a collaborative effort with alClick, developed a one stop shop for investment professionals particularly those involved in Islamic financing and Sukuk to find vital and critical information on this segment of the industry.'
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