HSBC together with the Dubai International Financial Exchange (DIFX) launched a group of indices that track Islamic bonds. "There are concerns about the perceived lack of liquidity and transparency in this market. These indexes will cover that missing link," said James Milligan, HSBC's head of fixed income trading in the Middle East.
The new indices, housed in Dubai, cover almost $14 billion of listed sukuks and are a competitor to London, Malaysia and Bahrain – all hoping to become a leader in Islamic finance.
See also GEMLOC, the brand new World Bank – IFC initiative for local currency bond market development.
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