Persian Gulf borrowers are raising funds for expansion and taking advantage of demand in Malaysia, the world’s biggest market for Shariah-compliant bonds. The borrowers are ringgit-denominated Islamic bonds very rapidly.
Abdulrahman Al Saleh, the director general of the emirate’s Department of Finance, said that Dubai’s government is “likely” to sell bonds next year and it may be in Malaysian. Issuance jumped to 1 billion ringgit ($318 million) in 2010. In 2009, 100 million-ringgit of debt was sold.