Gulf sukuk rally grows despite oil price plunge

Transformation plan: A salesman delivers drinks to a customers in Isa Town, Bahrain. Middle Eastern nations have taken on ambitious transformation projects to make the region a global hub for trade and reduce economic dependence on oil. — Reuters

DUBAI: Islamic securities from the oil-rich Persian Gulf notched their longest weekly winning streak since February 2021 last week as investors shrugged off plunging crude prices, instead turning their attention to imminent Federal Reserve easing.

A Bloomberg gauge of sukuk returns for the six-nation Gulf Cooperation Council (GCC) posted its 11th successive week of gains, while hitting an all-time high last Friday.