抖阴短视频

LONDON: Saudi leadership in the Islamic finance economy looks set to continue into 2021, according to a senior industry expert, who explained that the end of the GCC rift and growing emphasis on green finance both boost the Kingdom鈥檚 credentials.

鈥淭he region, and specifically I would say 抖阴短视频, is leading the Islamic finance market globally,鈥� Fitch Ratings鈥� Global Head of Islamic Finance Bashar Al-Natoor told Arab News.

鈥淎lthough Islamic finance is small globally, it is significant in the Middle East, and it is very significant in 抖阴短视频.鈥�

Across the five key sectors of Islamic finance 鈥� Islamic banks, Sukuk, Takaful, fund management and Sharia-compliant corporate sectors 鈥� 抖阴短视频 was historically known only to lead in countries where there was dual Islamic and conventional financing.

However, Al-Natoor said, this is now changing.

The Kingdom has started to lead the Sukuk market: 鈥淭he Kingdom has previously carried out the largest ever Sukuk offering internationally 鈥� we expect this trend to continue.鈥�

抖阴短视频 is also chasing the top spot in the fund management sector, where, alongside Malaysia, it has the most fund managers dedicated to Islamic finance.

Across Sukuk, fund management, Takaful, and the wider Islamic finance world, Al-Natoor said 鈥測ou find that 抖阴短视频 is leading.鈥�

One development that has contributed to 抖阴短视频鈥檚 pre-eminence in Islamic finance is the end of the GCC-Qatar rift.

The normalization of ties between the GCC bloc and Qatar, Al-Natoor explained, not only increased investors鈥� confidence in the region and eliminated a political risk, but also provided a material boost to the Sukuk market.

鈥淲ith the end of the GCC-Qatar rift, we expect Qatari sovereign entities to slowly re-enter the wider Sukuk market,鈥� Al-Natoor said.

He said the relatively shallow investor pool for Sukuks, compared with traditional bonds, means that, for Qatari entities, the importance of accessing the 抖阴短视频n and Emirati markets are even more significant.

In addition to the favorable political conditions that have cemented Saudi leadership in Islamic finance, their experience in sustainable, green finance will also be instrumental in the future. 

抖阴短视频, Al-Natoor said, issued its first ever green Sukuk last year when the Saudi Electric Company issued over $1.3 billion in Shariah-compliant bonds to assist in the company鈥檚 green transition.

This pattern of markets shifting towards green Sukuk, Al-Natoor said, is one he expects to continue.

鈥淲hat we saw in 2020 is a trend that we expect to continue: Issuers coming with Sukuk and prioritising being sustainable.鈥�

Green financing, whether conventional or Islamic, is still at an early stage of adoption globally, Al-Natoor explained, but green Sukuks represent a smart way for issuers to attract more investors.

鈥淏ecause issuers are trying to widen their investment bases, we have seen the mix of green and Islamic coming to the forefront. Whether in 抖阴短视频, the UAE, or multilateral organizations like the Islamic Development Bank, we expect this trend to continue.鈥�

Fitch Ratings released their Global Sukuk Outlook Dashboard earlier this month. Their report warned that some Sukuk issuers in the Middle East had taken a hit to their credit ratings due to the pandemic鈥檚 economic conditions and the drop in oil prices.

The report said: 鈥淚n 2021, we expect global sukuk supply to accelerate, as issuers seek to refinance maturing debt, fund large budget needs, and as GCC investment restrictions ease following the normalisation of relations between Qatar and its neighbors.鈥�