Sukuk issuance to remain muted 6 to 18 months, says S&P

International benchmark Brent crude futures were trading at $44.95 per barrel at 0203 GMT, 6 cents below their last settlement but flat with its first close this week. U.S. West Texas Intermediate crude futures were at $44.17, down 15 cents but over 1 percent above this week's first close. "Supply disruptions and closures helped push crude oil prices higher, despite the stronger U.S.-dollar," ANZ bank said on Friday.

"Part of these needs will be met by conventional debt markets and, to a much lesser extent, the Sukuk market, with the complexity of Sukuk issuance remaining a key deterrent to tapping the market, in our view," Damak said.