Global sukuk issuance may drop by as much as 28 per cent in 2018 on the back of tighter liquidity, mounting geopolitical risks, and slow progress on standardisation, according to ratings agency S&P.
Sukuk issues rose 45 per cent year-on-year to US$97.9 billion in 2017, the highest level since 2014, boosted by Saudi Arabia’s $9bn inaugural sukuk in April and other GCC sovereign issuances, S&P said on Monday in its Global Sukuk Market Outlook.
But tighter global liquidity stemming from US interest rate rises and slower asset purchases by the European Central Bank, coupled with geopolitical risk considerations in the Middle East, will push issuances down to between $70-90bn this year.
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Dana Gas' Sharjah court hearing adjourned
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“Overall, we think that the cost of funding for issuers will rise and that liquidity from developed markets channelled to the sukuk market will reduce or become more expensive,” the agency said.
The ongoing diplomatic standoff between Qatar and its neighbours, combined with “continued animosity between Iran and the GCC countries,” may also dampen the appetite of US and European investors for GCC-issued sukuk, it said.
Saudi Arabia’s budget for 2018, unveiled last month, contained a projected 117bn riyals (worth of total debt issuance for the year ahead, compared with 134bn in 2017, with issuances capped at 30 per cent of GDP.
Meanwhile, slow progress on the standardisation of Islamic finance products may also act as a brake on the overall sukuk market in the coming year, S&P predicted, as highlighted by the recent standoff between Dana Gas and its creditors.
The Abu Dhabi-listed energy firm declared $700 million worth of sukuk non-Shariah compliant in June, citing recent developments in Islamic finance.
A December 25 hearing on the legality of the sukuk in a Sharjah court was adjourned, with no indication as to when the next hearing will take place.
COMPANY%20PROFILE
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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
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Transmission: Constant Variable (CVT)
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South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
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Engine: 3-litre twin-turbo V6
Power: 400hp
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Transmission: 9-speed automatic
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Install an air filter in your home.
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Group A
Paraguay
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USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Community Shield info
Where, when and at what time Wembley Stadium in London on Sunday at 5pm (UAE time)
Arsenal line up (3-4-2-1) Petr Cech; Rob Holding, Per Mertesacker, Nacho Monreal; Hector Bellerin, Mohamed Elneny, Granit Xhaka, Alex Oxlade-Chamberlain; Alex Iwobi, Danny Welbeck; Alexandre Lacazette
Arsenal manager Arsene Wenger
Chelsea line up (3-4-2-1) Thibaut Courtois; Cesar Azpilicueta, David Luiz, Gary Cahill; Victor Moses, Cesc Fabregas, N'Golo Kante, Marcos Alonso; Willian, Pedro; Michy Batshuayi
Chelsea manager Antonio Conte
Referee Bobby Madley
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Recent winners
2002 Giselle Khoury (Colombia)
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2016 Yosmely Massaad (Venezuela)
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2018 Rachel Younan (Australia)
