Fixed-income securities from the Persian Gulf, 'in particular Dubai, will extend gains in the next three to six months,'said Ahmad Alanani, the London-based associate director for the Middle East and North Africa at Exotix Ltd., an investment bank specializing in illiquid bonds, loans, equities, structured finance, capital raising and asset management. 'As Dubai cleans house, the region will continue to attract investors.'

The HSBC/NASDAQ Dubai US Dollar Sukuk Index, made up of Islamic bonds from Indonesia to Saudi Arabia, rose 0.8 percent in the three months ended June 30 compared with a 12 percent drop in the Dow Jones Islamic Market World Index as global equities tumbled, according to data compiled by Bloomberg. The HSBC index gained 5 percent in the first quarter compared with a 2.4 percent advance in the stock index, the data show.

The average yield on corporate and government Islamic bonds dropped seven basis points, or 0.07 percentage point, to 6.29 percent last quarter, according to the HSBC/NASDAQ Dollar Sukuk Index.

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