birdwatcher | Религиозные риски!

Bloomberg Top News -- The so-called sukuk market, which has doubled each year since 2004 and grown to $90 billion, is declining after a Bahrain-based group of Islamic scholars decreed in February that most bonds ran afoul of religious rules. Only one that complies with the edict has been issued, pushing up borrowing costs on projects including $200 billion of real-estate developments in the United Arab Emirates capital. "In times of distress, the first thing investors sell are the credits they don't fully understand,'' said James Milligan, Dubai-based head of Middle East fixed-income trading at HSBC, the biggest underwriter of sukuk bonds in the Gulf last year. ``This has hit spreads hard in the region,'' he said, referring to the relative level of the Islamic bonds' yields.