Two years ago, Shariah-compliant bonds, or sukuk, began facing the first major test of their structures. The global crisis, paired with overinvestment in the Gulf Region, conspired to trigger a number of defaults that some observers believed would prompt investors to drill deeper into deals, and possibly favor those that were true securitizations.

Then last year sukuk roared back to life - by Standard & Poor's account, volume hit a record $51.2 billion (See graph below). In the first two months of this year, the figure is $16 billion, suggesting that the renewed energy has not petered out.

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