Dubai-based bank Emirates NBD has launched an index of dollar-denominated global sukuk in association with data provider IHS Markit.
The Emirates NBD Markit iBoxx USD Sukuk index includes government and corporate sukuk from around the world, including investment grade, high-yield and unrated bonds.
“With a strong level of 2017 sukuk issuance from both sovereigns and corporates, led by Saudi Arabia, and a promising pipeline for the rest of the year, the Emirates NBD Markit iBoxx USD Sukuk Index will be a valuable tool for fund managers both within the GCC and further afield,” said Tariq bin Hendi, head of products and advisory at the bank.
At launch, the index includes 98 sukuk from 61 issuers with a market value of more than $90 billion.
Sukuk are fixed-income instruments that mimic the returns on traditional bonds while complying with Islamic law.
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