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Stronger Capital Markets Required for the Growth of Gulf Sukuk

Dubai : 17 February 2010

Yavar Moini, senior advisor at Morgan Stanley, commented that in order for the sukuk bond sector to grow the GCC needs stronger capital markets as current demand is mainly driven from Southeast Asia.

As UAE and especially Dubai have had credit related issues in the past the leader of the industry is currently Malaysia. Thailand and Indonesia are also addressing sovereign issues.

Moini predicts that it will take about five years for capital markets to straighten its positions in the Gulf as strong domestic markets support will be paramount for future growth.

The sukuk industry in 2009 was worth $25 billion and in 2010 that isn’t expected to change, according to Moini.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News

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