Gulf Arab Sukuk Dominance Fades as U.K. Leads Next Wave
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As Islamic bond issuance heads for a record year, nations making up the six-member Gulf Cooperation Council are losing share to new borrowers such as the U.K., Hong Kong and South Africa.
Global sales of Shariah-compliant debt reached $36.7 billion in the first nine months, 31 percent higher than last year and more than in 2012, the previous record, according to data compiled by Bloomberg. GCC market share fell to about a third of total issuance in 2014, down from more than 50 percent a year earlier, the figures show.