The government of Qatar last month issued a $700 million Sukuk, or Islamic Trust Trading Certificate, on the Labuan International Finance Exchange (LFX).
The move has been described as a significant step away from the LFX’s listing of more conventional western instruments, as Islamic finance begins to gain in popularity.
“The dramatic success of the Qatar Global Sukuk indicates the confidence foreign investors have in Middle Eastern credit," noted Badlisyah Abdul Ghani, head of the Islamic division of CIMB (L), the core manager and listing sponsor for the Sukuk.
Ratings agency Standard & Poor’s has given the Sukuk an A+ rating, which has reportedly raised capitalization on LFX to $2.95 billion.
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