CAIRO: Qatar, world's biggest natural gas exporter, is planning to issue Islamic bonds “Sukuk” for the first time ever, as it has sent a request for proposals to banks and is close to mandating arrangers, report said on Wednesday. “The sukuk is expected sometime in the second quarter, before the summer break”, the sources said. The richest country in the Muslim world, last tapped global debt markets with a $5 billion conventional multi-tranche bond in November 2011. “Islamic bonds is a new market for Qatar, I think it will be the most ever succeeded issue of Sukuk in Gulf zone” a financial expert told Bikyamasr.com. “After economy's global crisis in 2009, most of investors are aiming at Islamic investments, as it has confirmed that it a safe way to invest, I think results of this issue will make Qatar's government hit the market more than once,” Ahmed al-Monzer, an Islamic expert in Qatar's finance sector added. The Islamic finance sector enjoyed increased activity in 2008 and is expected to continue to grow into the coming few years as more sophisticated financial instruments spark the interest of investors.
