In 2006 GFI set up a desk in London to develop a secondary market in Islamic bonds (Sukuk) bonds, which provide a return based on asset-backed securities and are therefore considered to be Sharia compliant. There has been a significant increase in Sukuk issuance in recent years specifically within Malaysia and the Middle East.
GFI as a leading broker in credit default swaps foresees potential in the development of a credit default swap ("CDS") based on Sukuks. CDS offer a way of protecting against non-Islamic debt default. Now based at GFI's Dubai office, the desk is staffed by experienced bond market brokers with Middle Eastern markets expertise. From it's office in Dubai, GFI offers:
