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Barclays adding Malaysia Sukuk to index draws 3 billion dollars.
The nation’s Shariah-compliant government investment issues will be included in the Barclays Global Aggregate Index with a weighting of 0.1 8 percent, the U.K. lender said estimating it would attract at least 2.5 billion dollar to 3 billion dollar. The average yield on 10-year Malaysian sovereign sukuk is 4.2 3 percent, compared with 3.9 3 percent for non-Islamic notes of the same maturity.
Malaysia, which pioneered Islamic finance in the 1980s, has 211.9 billion ringgit worth 59 billion dollars of government sukuk outstanding, 39 percent of its total sovereign debt, central bank data show.
The country has increased sales of Shariah-compliant debt over the past few years, with the proportion of annual issuance rising from 19 percent in 2007 to a forecast 48 percent this year said Barclays. Foreign investors still favor the non-Islamic sovereign notes though, holding 145.3 billion ringgit of them compared with 4.8 billion ringgit of sukuk, central bank figures show.
Shariah-compliant finance is expanding beyond its traditional strongholds in the Middle East and Southeast Asia as governments and companies seek to tap an industry that Ernst & Young LLP forecasts will double to 3.4 trillion dollar in assets by 2018. The U.K., Hong Kong and Luxembourg sold debut sukuk last year and are seeking to become Islamic finance hubs.
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