Islamic bond issuance is growing from an investor-driven market into one which is issuer-driven and there are strong signs that it is becoming more that just a niche market, says Edward Russell-Walling This year's first suhuk, or Islamic ond, has already come to market a $600m five-year sovereign issue from Pakistan. It will not be the last. As 2005 got under way, various London bankers and lawyers were beavering away on at least three other international Islamic deals. This is a measure of the momentum that Islamic international finance has gathered in the past two years. Capital markets issuers and investors are increasing in number, even as the range and sophistication of Islamic products in other areas, like trade finance and treasury, continues to grow. What started as a sharply-defined niche is showing signs of becoming a permanent and sizeable industry, as opposed to a passing fancy.
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