Sales of new Islamic bonds or sukuk totalled 15

KUALA LUMPUR, Jan 9 (Reuters) - New Islamic bond issuancefell two-thirds to a three-year low in 2008, with key marketMalaysia dropping 78 percent, an industry body said, castingdoubts about the sector's resilience against the globaldownturn. Islamic bond sales have almost dried up in recent months asa worsening global economic outlook prompts banks to turn offthe tap and consumers to tighten their belts. Sales of new Islamic bonds, or sukuk, totalled $15.77billion last year versus $46.65 billion in 2007, according toIslamic Finance Information Service (IFIS) which tracks data inthe Islamic finance industry. Total sukuk issuance last year was the lowest since the$10.76 billion recorded in 2005, it said in a statement. Corporate sukuk sales totalled $9.72 billion last year, orabout 62 percent of the total, IFIS said.

Quasi sovereignissuance was at $3.83 billion and sovereign issuance at $2.23billion. Malaysia, one of the world's top Islamic bond markets, saw$5.86 billion of issuance last year, compared with $26.53billion in 2007, IFIS said. Sukuk are designed to comply with an Islamic ban on thereceipt of interest. Instead, returns are derived fromunderlying physical assets, such as property.

Some industry officials had painted Islamic finance as asafe haven amid the deepening economic slowdown, arguing thatthe sector's conservative lending principles would shieldinvestors from the worst of the fallout. French bank BNP Paribas has forecast that sukuk issuance islikely to pick up this year and could beat 2007 levels after adip in 2008. (For more Reuters coverage of Islamic finance, click on ID:nISLAMIC) (Reporting by Liau Y-Sing; Editing by Kim Coghill). The BCS mess has yet to occur, but with 1 week left before the bowl game match-ups are set, anything can happen.

In the latest College Football BCS Rankings published on November 29th, we see Florida remaining 1 with Alabama and Texas close behind. Texas is in a great position; beat Nebraska in the Big 12 Championship game and they will play for the BCS championship against the Florida/Alabama winner.The potential BCS mess comes into play if Texas loses to Nebraska. Then TCU backers will be pleading for the 12-0, 4 ranked Horned Frogs to be given a shot to play in the biggest game of the year.Check out the latest College Football BCS Rankings Below:. UNITED NATIONS, Jan 8 (Reuters) - The United States abstained from voting on a Gaza ceasefire resolution at the United Nations on Thursday because it wanted to see the outcome of Egyptian mediation efforts first, Secretary of State Condoleezza Rice said.