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Saudi Ambition Helps Islamic Bond Market Evade the Global Gloom

  • Kingdom’s sukuk sales jump 185% this year to top $14 billion
  • Saudi Islamic debt evades this year’s emerging-market losses

While doom and gloom grip emerging debt markets amid fears of recession and defaults, Saudi Arabia’s sukuk deals are booming.

The kingdom’s domestic-market sales of sukuk -- debt issued under Shariah, or Islamic religious law -- has hit $14.4 billion, up 185% from last year, according to data compiled by Bloomberg. That accounts for more than half of global domestic sukuk sales, and the Saudi government alone sold more than 60% of it.