ADIB Global Sukuk fund completes $160m fund raise

Abu Dhabi Islamic BankA newly launched global sukuk fund from the Abu Dhabi Islamic Bank (ADIB) has secured AED587 million (US$160 million) in capital. The Global Sukuk fund was launched in October 2021 was a way to offer investors access to a global universe of sharia-compliant of sovereign, quasi-sovereign and corporate bonds. According to ADIB, the fund raise demonstrates “significant market appetite for high-quality sharia-compliant investment products”. A report released in January by Fitch Ratings forecasts that the global sukuk volumes are expected to grow in 2022 following a successful 2021 in which the total sukuk issued grew by 36.1% year-on-year to $252.3 billion. “Growth will be anchored by robust Islamic investor appetite, funding diversification goals, and Islamic-finance development agendas in a number of countries,” said Bashar Al-Natoor, global head of Islamic Finance at Fitch. “Downside risk stems from higher oil prices reducing a number of sovereigns’ funding needs, compliance complexities, traditional risks such as interest-rate rise, lower global investor appetite for emerging-market debt, and political risk,” he added. ©2022 funds global mena

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