QInvest Expects to 'Issue More Sukuks in 2014'

Doha, September 24 (QNA) - QInvest expects to issue more sukuks in 2014 compared to last year with global sovereigns and corporate sector showing strong volumes, a senior finance executive said Wednesday. QInvest's Head of Financial Institutions and Structured Finance Alex Armstrong said, "We are seeing strong volumes in global Sukuk activity and QInvest expects 2014 issuance to be greater than last year." Armstrong, spoke at the inaugural IFN Global Forum 2014, held recently in Dubai. He featured in the Middle East Market Review panel and discussed how recent Sukuk activity by international issuers indicates that Islamic finance is becoming a more mainstream source of funding, the Qatari investment company said. With competitive pricing, product innovation and deep liquidity, Islamic finance is becoming an increasingly attractive source of funding for issuers around the world, he said. "A number of issuers from outside the Islamic world including the Hong Kong Monetary Authority and the United Kingdom government have successfully raised funding through Sukuk in recent months and we are expecting others to follow suit. Investor demand for Islamic products is strong and we fully expect demand to exceed supply for some time to come," said Armstrong. Year to date, QInvest, Qatar's leading investment bank and one of the most prominent Islamic financial institutions in the world, advised on $3.25 billion of Sukuk transactions which represents approximately 20% of the U.S. Dollar Sukuk market. This includes issuances from the Government of Hong Kong, Goldman Sachs, Kuveyt Turk, Dar Al Arkan, Turkiye Finans and Al Baraka Turk. QInvest has been involved in the Government of Hong Kong's maiden $1 billion Sukuk and advised Goldman Sachs on its US$500 Million Sukuk. QInvest is also currently assisting Luxembourg with its debut Euro-denominated Sukuk, the investment company added. (QNA)