Global sukuk issuance may drop by as much as 28 per cent in 2018 on the back of tighter liquidity, mounting geopolitical risks, and slow progress on standardisation, according to ratings agency S&P.
Sukuk issues rose 45 per cent year-on-year to US$97.9 billion in 2017, the highest level since 2014, boosted by Saudi Arabia’s $9bn inaugural sukuk in April and other GCC sovereign issuances, S&P said on Monday in its Global Sukuk Market Outlook.
But tighter global liquidity stemming from US interest rate rises and slower asset purchases by the European Central Bank, coupled with geopolitical risk considerations in the Middle East, will push issuances down to between $70-90bn this year.
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“Overall, we think that the cost of funding for issuers will rise and that liquidity from developed markets channelled to the sukuk market will reduce or become more expensive,” the agency said.
The ongoing diplomatic standoff between Qatar and its neighbours, combined with “continued animosity between Iran and the GCC countries,” may also dampen the appetite of US and European investors for GCC-issued sukuk, it said.
Saudi Arabia’s budget for 2018, unveiled last month, contained a projected 117bn riyals (worth of total debt issuance for the year ahead, compared with 134bn in 2017, with issuances capped at 30 per cent of GDP.
Meanwhile, slow progress on the standardisation of Islamic finance products may also act as a brake on the overall sukuk market in the coming year, S&P predicted, as highlighted by the recent standoff between Dana Gas and its creditors.
The Abu Dhabi-listed energy firm declared $700 million worth of sukuk non-Shariah compliant in June, citing recent developments in Islamic finance.
A December 25 hearing on the legality of the sukuk in a Sharjah court was adjourned, with no indication as to when the next hearing will take place.
COMPANY%20PROFILE
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Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
UAE currency: the story behind the money in your pockets
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Skewed figures
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Company%20Profile
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
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Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The National's picks
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WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
