Secondary thoughts

Secondary market

Sukuk are rapidly altering the investment landscape in Islamic countries worldwide. Global issuance of the bonds - structured so as not to contravene sharia, which forbids the receipt or payment of interest - is now in excess of $41 billion, according to Moody's Investors Service. That might seem a drop in the ocean compared with the estimated $15 trillion conventional bond market, but five years ago these securities didn't even exist. And issuance is growing fast - in the Middle East alone, the

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