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Home » Sukuk.net wire

Saudi's 2010 Sukuk Sales to Double on Spending: Islamic Finance

03/08/2010 08:23:00 AM GMT

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Sukuk from borrowers in the largest Arab economy may more than double to $4.5 billion this year from $2.1 billion in 2009, as a âscarcityâ of local notes that comply with the religionâs ban on interest bolsters demand from local banks, according to Riyadh-based HSBC Saudi Arabia Ltd.

Saudi Arabia, the worldâs largest oil supplier, announced the five-year plan in 2008 to spur economic growth and finance construction projects. Saudi Finance Minister Ibrahim al-Assaf said on Feb. 11 that gross domestic product may increase more than 4 percent in 2010, compared with 0.6 percent last year.

âThereâs going to be a reasonable amount of sukuk supply this year,â Rajiv Shukla, managing director and head of global capital finance at HSBC Saudi Arabia in Riyadh, a unit of HSBC Holdings Plc, said in an interview yesterday. âSaudi Arabia has been a steady supplier.â

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Source: AJP

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