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Occasional thoughts from Blake Goud, Community Leader of the Islamic FInance Gateway Community. Register for the community at: online.thomsonreuters.com/ifg/
Name Blake Goud
Current Position Principal
Company Name Thomson Reuters Islamic Finance Gateway
Sector Financial Services - Other
Age 37
Academic Background I have a B.A. in Economics from Reed College (Portland, Oregon, USA). My primary research interest is Islamic microfinance
Biography I am the Community Leader of the Thomson Reuters Zawya Islamic Finance Gateway Community. I have covered all areas of Islamic finance, sukuk, funds and takaful since 2006. I am most interested in the growth of these sectors within non-Muslim-majority countries, microfinance and the interaction of Islamic finance with other forms of ethical finance.

I presented a paper on Islamic microfinance for renewable energy at the 9th International Conference on Islamic Economics and FInance in Istanbul, Turkey in September 2013. I als presented a murabaha and musharaka based microfinance model at the 8th Havard University Forum on Islamic Finance in April 2008. A similar paper is published in the Journal of Islamic Economics, Banking & Finance.

I also serve as Chief Compliance Officer of Marquam Capital, an investment advisory firm, and HP Securities, a FINRA-member broker-dealer.
Blake Goud
Principal
About Me
Developed country sukuk interesting, but of limited importance to the market
Posted: 22-Jan-2014
 


The entry of Hong Kong, the UK and Luxembourg into sukuk markets will be interesting to watch, but will not be large enough to provide sufficient size to impact the market.  The UK and HK in particular, will have more limited appeal being denominated in HKD and GBP while Luxembourg could offer EUR or USD sukuk (the former is probably more likely).  

The problem is that the banks where the need for highly rated sukuk is the highest are mostly in countries where the currency is linked to the USD, so issuance in HKD, GBP or EUR will hold limited appeal.  They are more likely to look towards to domestic markets where the government can, at last resort, always avoid a default for local investors by printing more local currency (which is more important for banks whose other assets and liabilities are predominately local currency denominated.

 
 
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