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Cityscape Abu Dhabi, the international real estate and investment event to be held from 13 to 15 May 2008 in the UAE capital |
According to the leading finance industry watchers, Islamic real estate financing is a sleeping giant about to awaken with international multi-billion dollar deals set to make new records in 2008. The Real Estate Finance and Investment Conference will be held alongside the second edition of Cityscape Abu Dhabi, the international real estate and investment event, from 13 to 15 May 2008.
Real estate products have been a major part of the growing Islamic finance market that has increased by 15% in each of the past 3 years. This has been partly as a result of the increased wealth in Islamic countries, which in turn was driven by high oil prices. One of the main areas of growth is expected to be in Islamic real estate investment trusts, according to the ratings agency Moody's Investors Service.
Sukuk or Islamic bonds are the fastest growing sector of the market with many issues property related. Global Sukuk volume reached in excess of $97 billion in 2007 mostly in the Arabian Gulf and Malaysia. Sukuk issues in real estate made up 25% of that total. Moody's anticipates that overall Sukuk issuance will increase by 30-35% in 2008.
