“There’s greater diversification of the investor base. What we have seen from recent issuance is that there are greater non-Islamic investors coming in to accept sukuk or invest in sukuk instruments. The Khazanah Nasional Dim Sum sukuk witnessed more than 50 percent from Singapore and Hong Kong investors.
“We’re seeing the phenomenon of sukuk issuance is being stretched. What seemed to be the sweet spot of sukuk tenors was the five year. But today we can see the tenor being stretched from seven to 10 years. This is a demonstration of the growing maturity of the Islamic finance market.
“This year we will witness potential issuance from countries like South Africa, Kenya, and Senegal. Hong Kong had already issued consultations into the bonds to look into the stamp duty and tax ordinances to level the playing field for sukuk issuance.”