IHS Markit, Emirates NBD add Markit iBoxx dollar sukuk benchmark

By Susanna Moon

Chicago, May 31 – IHS Markit said it launched the Emirates NBD Markit iBoxx USD Sukuk index in collaboration with Emirates NBD, the Dubai-based bank.

The Emirates NBD Markit iBoxx USD Sukuk index is a market-cap weighted index that aims to reflect the performance of the overall dollar sukuk market, according to a company announcement.

The index includes investment-grade, high-yield and non-rated securities from sovereign, sub-sovereign and corporate issuers with bonds that conform to Islamic finance norms. At the start, the index references 98 sukuk bonds from 61 issuers with a current market value of more than $90 billion.

“Amid growing demand among asset managers, banks, pension funds and sovereign wealth funds for Sharia-compliant solutions, the index provides the Islamic finance industry with a broad index suitable for benchmarking, research and as the basis for ETFs and tradable products,” the release said.

IHS Markit is an Iosco-compliant index provider based in London.

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