OREANDA-NEWS. Fitch Ratings today announces the appointment of Bashar Al Natoor as Global Head of Islamic Finance, based in Dubai. In this new role, Mr. Al Natoor will coordinate all Islamic Finance activities and expertise across Fitch's Sovereign, Financial Institutions, Corporate, Structured Finance, Infrastructure and Insurance teams, bringing together dedicated analytical and industry expertise into a centralised and focused group.

As well as being involved in the rating process of Islamic Finance instruments, the Islamic Finance Group will continue to closely monitor and report on this rapidly growing sector, produce specialised research and commentary as well as criteria development. The group spans various continents and time zones and brings a strategic global perspective to this evolving sector.

Ian Linnell, Fitch's Global Analytical Head said: "Fitch has been providing ratings coverage to the Islamic Finance market for over a decade, and therefore is very well placed to build on existing strong relationships with Sukuk investors, regulators and issuers globally. Fitch has a deep understanding of, and strong track record in the Islamic Finance industry, rating over 70 outstanding Islamic Finance instruments worldwide. Centralising our capabilities into a dedicated Group will further enhance our platform in this important market."

Sukuk issuance volumes globally continued their upward trend in 2014, with issuance reaching approximately USD116bn, across 16 different currencies in 2014. Around 14 different Sukuk structures were used during 2014, with murabaha accounting for the largest proportion, and the instrument continues to evolve in degrees of complexity. Fitch expects Islamic banking and finance assets to continue their double-digit growth in coming years due to a combination of growth plans within the GCC and Asia, and rapidly improving investor confidence.

Mr Al Natoor has more than 14 years' experience in the Islamic Finance market. Since joining Fitch in 2007, he has overseen Fitch's Sukuk criteria and Islamic Finance practices, undertaken research and written numerous published articles on Islamic Finance. Prior to joining Fitch, Mr. Al Natoor spent seven years at the Islamic Development Bank (IDB) in key roles including Investment Officer in the Treasury Department, a Senior Credit Analyst in Risk Management and Senior Technical Assistant to the Vice President of Finance & Administration.