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Sukuks key to meeting $1.5tr infrastructure needs of ME, Asia – Khaleej Times Online June 23, 2007

Posted by islamicfinanceaffairs in Uncategorized.
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Khaleej Times Online – Sukuks key to meeting $1.5tr infrastructure needs of ME, Asia

In the Middle East and in Asia, two of the fastest growing regions in the global economy — which will be spending $500 billion and $1 trillion respectively on infrastructure over the next five years — Islamic capital market, in particular the sukuk market, will serve as an important avenue to meet these funding requirements.

The Governor of Bank Negara Malaysia, Dr Zeti Akhtar Aziz, stressing that the bond market is key to meeting these funding needs for both the public and private sectors, said the challenge is to put in place an intermediation system that will channel the surplus savings in both these regions into productive investments.

In his keynote speech at the Sukuk Summit 2007 in London, themed “Demystifying Islamic Market Products,” Dr Zeti said in the current environment, the demand for sukuks significantly exceeded the supply. “Today, the global sukuk market, denominated in international currencies, is estimated to be $18 billion. If domestic sukuk issuance is included, it has now exceeded $50 billion.”

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