Saudi Arabia Issues Most GCC Sukuk in First Quarter
April 10, 2012 - Saudi Arabia raised approximately $6.4 billion (SR24 billion) through issuances of Islamic bonds (sukuk) in the first quarter of 2012, the most money raised through sukuk in the Gulf Cooperation Council (GCC) during the same period, and the second largest amount worldwide. A large percentage of this total was from a $4 billion (SR15 billion) sukuk issuance by the General Authority for Civil Aviation in January. The U.A.E., which usually leads the GCC in sukuk capital, raised $1.9 billion (SR7.13 billion) in the first quarter, the fourth largest amount worldwide. Sukuk issuances were at a record high $43 billion (SR161.25 billion) worldwide for the beginning of 2012. Malaysia was the top issuer of Islamic bonds with $31 billion (SR116.25 billion), and Indonesia was the third largest with $3.4 billion (SR12.75 billion).