The recent infamous Dubai Financial crisis has been the talk of the town lately. Super growth and highly paced development has been a conspicuous trait of the Gulf regions, especially, the UAE. The rising debt worries have lead to a string of chain reactions in the form of decisions by the concerned Governments  and authorities to provide guarantee for the company performances . Investors and analysts have different analysis about the present situation and a numerous forecasts about what the future has in store for the Middle East world. The companies which were boasting of proliferating growth in the recent years have suddenly left investors doubtful about future indulgences and hence, got the credit rating agencies started thinking twice.

Various companies like Etisalat, Abu Dhabi National Energy (Taqa), Aldar Properties, Dolphin Energy, the International Petroleum Investment Company, Mubadala Development and the Tourism Development and Investment Company saw their credit ratings diminishing. Even though the sukuk sector seems troubled as of now, a recent study by the Bank of America Merrill Lynch provided a huge hope.

The situation has definitely affected the Sukuk scene in the markets but to a little extent even though the investors are wary about placing their funds on the upcoming projects by the government as well as the companies which , presently, seem to be in troubled waters.

According to a recent study by the Bank of America Merrill Lynch, the sukuk issuance all over the world rose up by more than fifty percent to $31 bn in 2009 and for the Gulf, these figures are expected to reach $10bn to $15 bn in the forthcoming months. Also, some positive excerpts related to the sukuk forecasts for the coming months can be found in the Dubai International Financial Centre sukuk guide.

HSBC Amanah has a bullish outlook about their upcoming plans of launching a series of Islamic investment products, especially Islamic bonds at the branches in Saudi Arabia, Malaysia, Qatar, Indonesia and UAE. Many new issuances are already lined up for the first quarter.

The sectors which have been topping the list of sukuks based on their recent and consistent performance by the investors in the field of Islamic bonds are those of power, oil and gas and financial services. One of the various sukuks which have been performing well this week are Dubai Electricity & Water Authority (DEWA) - AED3.2 billion ($871 million) Sukuk with ratings of A1 and AA- by Moodys and Fitch, respectively. Another one is Patronas Global Sukuk Ltd. which have the Bank of New York Mellon as their advisors and possess ratings of A- and A1 by S&P and Moodys, respectively. Both these sukuks are structured on the basis of Ijarah. WINGS FZCO with the Dubai Islamic Bank as its book runner is a Musharaka-based sukuk by structure and seems to be lucrative to investors owing to its good performance this week. The Dubai Global Sukuk is another name in the list of  sukuks providing good returns.