IslamicFinance.de

Global Islamic bond sales, which had the busiest first three quarters on record, are mired in what’s set to be the worst end to a year since 2008. Borrowers have raised $1.9 billion in the fourth quarter so far, 73 percent less than in the same period a year ago. Issuers have also sold the fewest number of securities in six years. During the first nine months, the U.K., Luxembourg, South Africa and Hong Kong were among debut issuers of Islamic bonds. Some borrowers probably accelerated sales on concern borrowing costs may rise as the Federal Reserve ended its bond buying program. Sales this quarter may have slowed after crude prices declined 14 percent.